Evolv Technology and Footprint Center Announce Partnership

Rhea-AI Summary

Evolv Technology partners with Footprint Center to enhance security with AI-based weapons detection, improving fan experience and reducing entry delays.

Security Technology Expert

The adoption of Evolv Technology's AI-based weapons detection system by Footprint Center represents a significant advancement in the field of security technology. The integration of such a system is a proactive measure aimed at enhancing safety without compromising the fan experience. By employing advanced sensor technology coupled with artificial intelligence, Evolv Express® is designed to improve threat detection capabilities. The system's ability to differentiate between potential threats and non-threatening metal objects can lead to a more streamlined security process, reducing entry times and potentially increasing overall customer satisfaction.

From a security perspective, the implementation of Evolv’s system at a high-profile NBA arena could set a precedent for other venues to follow suit, potentially leading to broader adoption within the industry. It is essential to monitor the system's accuracy and efficiency in real-world conditions to ensure it meets the high expectations set by both the company and the venue.

Sports Business Analyst

The strategic partnership between Evolv Technology and Footprint Center could have a ripple effect on the sports industry's approach to security. By prioritizing both safety and fan experience, Footprint Center is addressing two critical aspects of sports event management. This balance is crucial for maintaining a positive brand image and ensuring that fans continue to attend events in person, which is vital for revenue streams from ticket sales, concessions and merchandise.

In the context of the sports industry, efficient entry processes can lead to increased spending inside the venue as fans spend less time queuing and more time engaging with the event. Additionally, the adoption of such technology by a prominent NBA arena may encourage its implementation across other sports leagues, potentially opening new markets for Evolv Technology and similar companies. The financial implications for Evolv Technology could be substantial if this partnership is viewed positively by stakeholders and leads to increased demand for AI-based security systems in sports and entertainment venues.

Investment Analyst

For investors, the announcement of Evolv Technology's partnership with Footprint Center can be interpreted as an indicator of the company's growth trajectory and market acceptance. As one of the first NBA arenas to implement this technology, Footprint Center may serve as a case study for the effectiveness and return on investment of such security systems. Successful implementation can lead to increased market confidence and potentially drive up Evolv Technology's stock value.

However, investors should consider the costs associated with the deployment and maintenance of these systems, as well as the potential for competition in the AI-based security space. Long-term success will depend on the system's ability to deliver on its promises of enhanced security without hindering the fan experience. Continuous innovation and updates to the technology will be crucial to stay ahead of evolving threats and maintain a competitive edge.

Arizona’s NBA arena to use Evolv’s AI-based weapons detection

WALTHAM, Mass.--(BUSINESS WIRE)-- Evolv Technology (NASDAQ: EVLV), the leading security technology company pioneering AI-based weapons detection to create safer experiences, today announced a partnership with Footprint Center to use its state-of-the-art Evolv Express® screening solution.

“We are excited to partner with Footprint Center to achieve a more sophisticated security posture and elevated fan experience,” said John Baier, Evolv’s vice president of sports. “Now fans can experience that same level of performance off the court as they enter the arena.”

Evolv Express will enhance the arena’s overall security program by using powerful sensor technology with AI to provide safer, more accurate threat detection at increased volume and speed. The systems, which are at every arena entrance for every event, will help reduce lines and allow fans to seamlessly flow through security for a quicker, more efficient entry process. Fans can walk through the systems without always being individually checked by wands or metal detectors, reducing the kinds of backups that cause bottlenecks at ingress points. Evolv Express works to differentiate between threats and the everyday metal items people carry in their pockets.

Footprint Center, home of the Phoenix Suns and Phoenix Mercury, is one of the first NBA arenas to use Evolv Technology, integrated during the start of the 2023-24 season.

Footprint Center joins a growing roster of facilities and sports teams using Evolv Technology for weapons detection. Facilities in Major League Baseball, Major League Soccer, the NFL, and the NHL all use Evolv to screen fans, including some of the venues scheduled to host soccer games in the 2026 World Cup.

About Evolv Technology
Evolv Technology (NASDAQ: EVLV) 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. Evolv’s advanced systems have scanned more than a billion people since 2019. Evolv has been awarded the U.S. Department of Homeland Security (DHS) SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT) as well as the Security Industry Association (SIA) New Products and Solutions (NPS) Award in the Law Enforcement/Public Safety/Guarding Systems category. Evolv Technology®, Evolv Express®, and Evolv Insights® are registered trademarks or trademarks of Evolv Technologies, Inc. in the United States and other jurisdictions. For more information, visit https://evolvtechnology.com.

Forward-looking Statements
Certain statements in this press release may constitute “forward-looking” statements and information, within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 that relate to our current expectations and views of future events. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events or our Company’s performance and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the risk factors set forth in our Annual Report on Form 10-K for the year ended on December 31, 2022, that was filed with the SEC on March 24, 2023, as may be updated in other filings we make with the SEC, including our Quarterly Report on Form 10-Q for the quarter ended on September 30, 2023 that was filed with the SEC on November 9, 2023. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240305379688/en/

Media Contact:

Alexandra Smith Ozerkis

aozerkis@evolvtechnology.com

Investor Contact:

Brian Norris

bnorris@evolvtechnology.com

Source: Evolv Technology

FAQ

What technology is Evolv using for weapons detection at Footprint Center?

Evolv is using its state-of-the-art Evolv Express® screening solution, which combines powerful sensor technology with AI for accurate threat detection.

Which sports teams are based at Footprint Center?

Footprint Center is home to the Phoenix Suns and Phoenix Mercury.

Which other sports leagues and events use Evolv Technology for security screening?

Evolv Technology is used in facilities in Major League Baseball, Major League Soccer, the NFL, and the NHL, as well as venues hosting games for the 2026 World Cup.