Evolv Technologies, a US-based firm utilising metamaterials in advanced imaging products such as airport security scanners, has launched with a $11.8m series A round.
The firm was spun out from Intellectual Ventures, an investor and key US patent holder, in partnership with Duke University’s Centre for Metamaterials and Integrated Plasmonics.
Investors in the round include Microsoft co-founder Bill Gates, venture firms Lux Capital and General Catalyst, and Osage University Partners – a commercialisation investment made up from a consortium of US universities. The funding will be used to support further development of Intellectual Ventures and Duke University’s imaging technology.
As part of the deal, Bilal Zuberi, partner at Lux Capital, will join the Evolv board of directors.
Casey Tegreene, executive vice president at Intellectual, said: “Working with pioneers like Sir John Pendry and David R. Smith, we began exploring metamaterials at a time when many in academia still questioned whether such technology could even work, let alone be used for commercial applications. A decade later, we have a Metamaterials Commercialization Center managed by Tom Driscoll that is turning these early invention efforts into promising new products and companies like Evolv. Expect to see more from this group in the future.”
