Complete List of All AI Companies Under $2 Billion Market Cap

21. Evolv Technologies Holdings, Inc. (NASDAQ:EVLV)

Market Capitalization: $492 Million

Number of Hedge Fund Holders: 18

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) is a company specializing in AI-driven weapons detection systems for security screening. Unlike traditional metal detectors, Evolv’s touchless solutions leverage AI, cloud-based SaaS, and advanced sensors to detect potential threats without unnecessary alarms caused by harmless items. Visitors can move through the system without stopping, forming lines, or emptying pockets, significantly improving efficiency and reducing false alarms.

Evolv’s technology enables faster screening processes as it offers up to ten times the speed of older methods and cutting costs by up to 70%. The touchless approach aligns with modern demands for reduced physical contact and provides valuable analytics on visitor flow and security performance. The company primarily offers its services through multi-year subscription models, ensuring consistent revenue while delivering value to its clients. Evolv’s market includes unregulated facilities across sectors like education, healthcare, entertainment, government, and industry, representing over $20 billion in potential annual sales, according to the company’s last 10-K filings

In the third quarter of 2024, Evolv Technologies reached significant milestones. It surpassed 2 billion screenings, added 465 new subscriptions, and expanded to over 1,100 school and 400 hospital buildings. The company gained three new professional sports stadium clients and three additional Fortune 500 customers. Evolv Express screened 3 million visitors daily and detected over 500 firearms per day.