This article first appeared in our sister publication the Boston Business Journal.
Evolv Technology, a 7-year-old maker of sensors and software aimed at detecting weapons or other threats concealed on people, is adding another high-profile investor as its CEO switches to a more technical role within the company.
The Waltham-based company announced on Wednesday $30 million in a new funding round led by former Florida Governor Jeb Bush’s firm, Finback Investment Partners. Microsoft co-founder Bill Gates is a returning investor in the Series C round.
“Jeb and his group fully understood the opportunity here,” said Peter George, the company’s newly promoted CEO. “As the former governor in Florida, where there have been a lot of—unfortunately—shootings, including the Parkland school shooting, he’s well aware of the active shooter (situation), and wanted to make … schools and venues safer.”
The inspiration for the technology invented by the company comes from the theft prevention devices installed at the exits of shopping centers, George explained. Using sensors and machine learning algorithms, Evolv’s tech is able to scan visitors of large venues to detect concealed weapons and explosives. In Massachusetts, Evolv’s products are already in use at the Gillette Stadium and by hospitality and entertainment management company Big Night Entertainment Group.
Michael Ellenbogen, who co-founded Evolv Technology in 2013 with Anil Chitkara, is transitioning from CEO to a new position as head of advanced technology. Ellenbogen will report directly to George, who joined Evolv last February as chief commercial officer.
“It became obvious to [Michael] and I, and the board, that if we rotated a bit … we’d put the company in a better position to have success in the next three to five years,” George said.
George explained that Ellenbogen will be starting an advanced technology group, still based at the Waltham headquarters, to focus on new products that will allow Evolv to stay ahead of the market. For the group, which will stay separate from the current engineering team, Ellenbogen will hire around 10 new people. At the same time, George will focus on scaling the current products.
Evolv has around 50 employees based Massachusetts, and it’s planning to grow its workforce 50 percent this year, according to George.
