Evolv Technology gives regulatory update following SEC request

WALTHAM, Mass. – Evolv Technology, a security technology company working with AI-based weapons detection, has provided an update on a request received from the U.S. Securities and Exchange Commission (SEC).

In a release from Evolv it revealed that on Feb. 16, 2024, the SEC notified the company it was initiating an investigation that was described as a confidential “non-public, fact finding inquiry.” Evolv noted the SEC’s explicit guidance that the investigation “should neither be construed as an indication by the Commission or its staff that any violation of law has occurred, nor as a reflection upon any person, entity, or security.” The company said it was eager to cooperate with the SEC, “…as it is with any regulatory body.”

Just hours after receiving the SEC’s notice, Evolv responded to members of the media seeking comment by drafting a press release to address the issue,

“In the interest of transparency, the company has decided to disclose the matter publicly considering attempts by certain media outlets to discredit the company and manipulate the customer markets the company serves,” they wrote in the release.

They went on to state, “Evolv stands behind its technology and is proud to partner with hundreds of security professionals to add a layer of advanced technology to their safety plan. The company’s technology is deployed at over 650 customers across many markets including education, healthcare, professional sports, industrial workplaces, houses of worship and tourist attractions. Prior to purchasing Evolv products, key customer decision makers – many whom often have years of security and technology expertise – typically conduct their own extensive testing in their actual operating environment. Based on these successful testing and validation outcomes, Evolv Express has now been used to screen over 1 billion visitors and is used to identify hundreds of firearms every day across the company’s rapidly growing customer base."

This event follows an investigation by the Federal Trade Commission (FTC) in October 2023 where Evolv was accused of exaggerating the abilities of its products in its marketing materials. “Evolv Express accelerates physical security screening helping to eliminate the friction that visitors, fans, patrons, employees and students typically experience moving through security by screening them in a touchless manner,” the company writes of its product on their website. “This helps reduce the security risk of crowded security lines.”