Facility Expected to Support Company’s Rapidly Growing Subscription Offering
Evolv Technology, the leader in AI-based weapons detection security screening, announced that it has closed a $75 million non-dilutive debt financing facility with Silicon Valley Bank, the bank of the world’s most innovative companies and investors.
“Silicon Valley Bank is pleased to continue to work with Evolv Technology and support its continued growth”
“Today’s announcement is consistent with our previously disclosed capital allocation plans,” said Mark Donohue, Chief Financial Officer of Evolv Technology. “We believe the non-dilutive capital from this debt facility will further strengthen our already strong balance sheet and support our rapidly growing subscription business. Evolv Express® is the industry’s leading AI-based weapons detection solution and is comprised of highly advanced hardware and software, which we deliver to our customers through long term subscription contracts. We believe this program with Silicon Valley Bank will enable us to offset any cash we deploy to fund these hardware purchases from our contract manufacturer, enabling us to operate a capital free SaaS model while more effectively supporting our long-term growth plans.”
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“Silicon Valley Bank is pleased to continue to work with Evolv Technology and support its continued growth,” said Yvonne McCague, Managing Director at Silicon Valley Bank. “Evolv Express is deployed at over 400 customers across education, healthcare, professional sports and various other markets. The program announced today is designed to significantly reduce the capital required to support Evolv Technology’s growth plans while also supporting its mission to make a safer world for people to live, work, learn and play.”
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About Evolv Technology
Evolv Technology is transforming human security to make a safer, faster, and better experience for the world’s most iconic venues and companies as well as schools, hospitals, and public spaces, using industry leading artificial intelligence (AI)-powered weapons detection and analytics. Its mission is to transform security to create a safer world to work, learn, and play. Evolv has digitally transformed the gateways in places where people gather by enabling seamless integration combined with powerful analytics and insights.
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