DURHAM – Evolv Technology, a Duke startup founded out of the lab of David Smith, the James B. Duke Professor of Electrical and Computer Engineering Department, will go public in the second quarter of 2021 using a nontraditional method called SPAC, or special purpose acquisition company, in a deal that values Evolv at about $1.7 billion.

Backed by investors including Microsoft Corp. co-founder Bill Gates and former Florida Gov. Jeb Bush, the company is transforming the physical security industry as the first AI-enabled touchless security bag screening system in the market. The platform, called The Evolv Express™, requires no stopping, emptying of pockets or removing bags. People simply walk through naturally, alleviating congestion and long lines.

Read more at the Duke Office of Licensing and Ventures.

(C) Duke University News Service