Rising Interest in AI Gun Scanners. NewsWire

NewsWire: 6/14/22

• Amid the rise in gun violence, AI gun scanners are gaining popularity. The most widely used option is from Evolv, which has performed 250M total scans so far. (The Washington Post)
• NH: With the rise of gun violence, there has been increased attention on how to amp up security in public places. And Evolv Technologies (EVLV) claims to have the answer: AI gun scanners. 
• How do these AI readers work? At its core, the machine is a millimeter wave scanner, which emits a very safe wavelength on the border between far infrared and microwaves. It's the same kind of detector used by "hands up" airport security machines. It creates X-ray-like pictures of everyone who walks through. The image picks up all objects on the subject, so people don't have to empty their pockets or purses. The AI then scans for the outline of guns. 
• Evolv claims the machines are more effective and convenient than typical metal detectors. Since people don't have to empty their pockets and the AI does all the interpreting, it takes less time to check people. This is particularly appealing to retail; they can offer safety and don't have to stop every person who enters a store.  
• Companies are already installing these machines all over the US. They are installed in all 27 Six Flags locations. They are used by sports teams like the New York Mets, the Carolina Panthers, and the Tennessee Titans. And they are used by North Carolina's Charlotte-Mecklenburg Schools, which have a total of 150K students. 
• Evolv has performed 250M scans to date. That's up from 100M in September. In Q1 2022, the company claims it tagged over 15,000 firearms.
• Of course, there are critics. Some AI specialists question the technology's ability to distinguish between regular items and guns. Others are more worried about privacy. They claim the machines could be programmed to look for other objects without anyone knowing. But I doubt that will be a worry of the general public. As we reported in a recent NewsWire, Americans largely support AI for safety and catching criminals. (See "The Limits of Techno-Optimism.”) 
• So how has EVLV's stock been performing? Like most penny stocks, it's subject to volatile swings. YoY it's down a whopping -72.41%. But MoM it's up +22.57%. Clearly, increased gun violence and high-profile mass shootings are fueling its recent rise.