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TechnologyBill Gates-backed Evolv to go public via blank-check merger in $1.7 bln deal

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Bill Gates, Co-Chair of Bill & Melinda Gates Foundation, attends a conversation at the 2019 New Economy Forum in Beijing, China November 21, 2019. REUTERS/Jason Lee

Bill Gates-backed crowd safety technology provider Evolv Technology will go public through a merger with a blank-check company in a deal that values the equity of the combined company at around $1.7 billion, the companies said on Monday.

The deal with NewHold Investment Corp (NHIC.O) will provide the merged entity with $470 million in proceeds, including a private investment of $300 million.

Besides Microsoft Corp's (MSFT.O) co-founder Gates, Evolv is also backed by venture capital firm General Catalyst.

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

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