Evolv, backed by Bill Gates, will go public by merger with incomplete verification in the $ 1.7 billion deal

(Reuters) – Bill Gates-backed security technology provider Evolv Technology will go public through a merger with a blank check company in a transaction that values ​​the combined company’s equity at about $ 1.7 billion dollars, the companies said Monday.

The agreement with NewHold Investment Corp will provide the merged entity with $ 470 million in revenue, including a $ 300 million private investment.

In addition to Microsoft Corp. co-founder Gates, Evolv is also supported by venture capital firm General Catalyst.

The Waltham, Massachusetts-based company uses AI technology and sensors to shield people in public spaces, including stadiums, hospitals, schools and entertainment venues, eliminating security gaps presented by metal detectors, according to its website.