Intellectual Ventures Spins Out Evolv to Commercialize Metamaterials Security Imaging Technology
August 29, 2013 BELLEVUE, Wash.
August 29, 2013 BELLEVUE, Wash.
IV’s third spin-out company launches with $11.8 million in funding and security imaging industry veteran
Intellectual Ventures (IV®) today announced its third spin-out company, Evolv Technologies, Inc., which will commercialize new metamaterials-based imaging and detection technology for use in airports and other high-risk facilities. The company, which will be led by security imaging industry veteran Mike Ellenbogen, recently closed an $11.8 million funding round with investments from Bill Gates, General Catalyst, Lux Capital and Osage University Partners. The funding will support the further development of imaging technology invented by IV in partnership with Duke University’s Center for Metamaterials and Integrated Plasmonics.
In addition to selling and licensing its extensive portfolio of intellectual property, IV spins out companies like Evolv to bring promising inventions to market. Evolv is IV’s second company to commercialize an invention from its portfolio of metamaterials patents. IV’s first spin-out, TerraPower, was created in 2008 to develop a new type of nuclear reactor. This was followed in 2012 by Kymeta, which spun out from IV to commercialize a metamaterials satellite antenna invention. To date, the three startups have announced more than $100 million in venture funding.
“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,” said Casey Tegreene, who leads IV’s in-house invention work as executive vice president. “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.”
“We invest in great people who are building forward-thinking companies,” said Joel Cutler, co-founder and managing director of General Catalyst Partners. “We have a long history of success working with Mike Ellenbogen and, combined with this new metamaterials technology, Evolv has all of the ingredients needed to reshape the security imaging industry.” Bilal Zuberi, partner at Lux Capital added, “This is Lux's second investment in the metamaterials space and we look forward to partnering again with a strong entrepreneurial team to build important sensing and imaging solutions.”
Headquartered in Boston, Evolv is currently building a team to develop its security imaging technology for future commercialization. Ellenbogen, the company’s CEO, has been in the physical security industry for 20 years. Prior to Evolv, Ellenbogen was co-founder, president and CEO of Reveal Imaging Technologies. In that role he led the company to double-digit growth in both revenue and profitability.
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