Evolv Technology, a provider of artificial intelligence-based weapons detection security screening, closed a $75 million non-dilutive debt financing facility with Silicon Valley Bank.
“Today’s announcement is consistent with our previously disclosed capital allocation plans,” Mark Donohue, CFO of Evolv Technology, said. “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.”
“Silicon Valley Bank is pleased to continue to work with Evolv Technology and support its continued growth,” Yvonne McCague, managing director at Silicon Valley Bank, said. “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.”
