Intellectual Ventures announced on Thursday that a company it helped grow and that has received investment from Bill Gates, among others, is going out on its own.
Evolv Technologies has been spun off from Intellectual Ventures and is now under the leadership of security industry veteran Mike Ellenbogen. The move comes after Evolv raised $11.8 million in a funding round led by Microsoft founder Gates, Lux Capital, and other investors.
Evolv Technologies aims to commercialize imaging and detection technology for airports. More specifically, the company is focused on detecting so-called "metamaterials" -- materials that have properties not found in nature. Evolv believes the technology could improve security in high-risk areas.
Evolv is the second company to use Intellectual Ventures' metamaterials patents to commercialize a service. The first, Kymeta, was spun out of Intellectual Ventures in 2012.