Disruption in the Multibillion-Dollar Security Industry
NetworkNewsWire Editorial Coverage
NEW YORK, July 8, 2020 /PRNewswire/ -- With safety, security and personal protection more tenuous than ever, groundbreaking technology sets sector pioneers as clear industry leaders. A global pandemic stoked by national protests and riots has created a world where fear and uncertainty run rampant. Enforcing national, state and local directives as well as providing security and protection for essential services such as hospitals and community municipalities has become increasingly important — and increasingly dangerous. Companies operating in the security industry recognize the growing demand for change and are eager to provide solutions. A global pioneer in the development of autonomous security capabilities, Knightscope, Inc. (Profile) looks to disrupt the $500 billion security industry with its patented technology that combines self-driving technology, robotics and artificial intelligence. Knightscope's Autonomous Security Robots (ASR) provide 24/7/365 security and have been proven to enhance safety at hospitals, logistics facilities, manufacturing plants, schools, and corporations.
Wrap Technologies Inc. (NASDAQ: WRTC) is seeing an increased demand from U.S. law enforcement agencies for its exclusive BolaWrap(R), which enables police officers to safely and humanely restrain resisting subjects from a distance without inflicting pain. Axon Enterprise Inc. (NASDAQ: AAXN) has launched a mobile app for body cameras that features remote livestreaming and critical real-time alerts. ShotSpotter Inc. (NASDAQ: SSTI) reports that since the city of Miami adopted its unique ShotSpotter program in 2014, the city's homicide rate has plummeted by 35% and gunshot incidents as an activity have been reduced by about 50%. And Tesla Inc. (NASDAQ: TSLA), a strong player in the autonomous, self-driving vehicle sector, says a significant update of its Autopilot driver-assist software will be released in the next two to four months.
First-Ever Podcast Features Groundbreaking Company
With security and safety at the forefront of today's news across the country and even around the world, it's no wonder that Investor Brand Network (IBN) chose a groundbreaking security technology company such as Knightscope, Inc. (Profile) to spotlight in its inaugural Stock2Me podcast. Designed to be an invaluable source for the latest news and updates on market trends and movers in high-profile industry sectors, Stock2Me Podcast keeps its listeners in the loop by providing in-depth information about the inner workings of the ever-evolving North American markets.
The podcast's first episode features an insightful interview between podcast host Stuart Smith and Knightscope Inc.'s chairman and CEO William Santana Li. Knightscope offers a unique combination of self-driving technology, robotics and artificial intelligence, explained Li during the podcast.
"The math problem we're trying to solve is, there's a million security guards across the U.S. There's another million Iaw-enforcement professionals," he said. "They actually need to operate 24/7. At any point in time, only about 500,000 humans are trying to secure 328 million people across 50 states. That math doesn't work."
Knightscope security robots are fully autonomous and designed to do basically two things, Li explained: provide a physical deterrent and gather data.
"What does that mean?" he asked. "Well, let's say you're driving down the highway, and you see a patrol car on the side. What is your immediate reaction? To pump the brakes. Very similarly, if you're trying to do something nefarious and it's 4 o' clock in the morning and you pull into a hospital parking lot and there's a five-foot-tall, 400-pound machine roaming around on its own — it's fully autonomous, there's no one remote controlling it — the strobe light is going and it says security on it and you have no idea what it does, you're probably basically going to go and steal the car down the street and not there. And that's what our clients have been experiencing across the country."
At the same time, Li explained, the security robots gather as much data information from the environment as possible. "The machine [does] the monotonous and computational heavy work that no human could possibly do, and then humans do the strategic decision making and enforcement work."
Federal Purchase to Pave Way
Knightscope customers include malls, corporate campuses, manufacturing plants, logistics facilities, hospitals, law enforcement agencies, schools, cities, casinos, and residential and commercial properties, including 10 Fortune 1000 companies to date. Most recently, the company announced that it had received its first federal purchase order awarded through a General Services Administration (GSA) contract.
According to the announcement, the company has a one-year agreement, with the potential of renewing for up to five years total service time, to deploy an autonomous security robot (ASR) at an undisclosed location in Texas. Knightscope is optimistic that this contract will pave the way for additional deployments at the more than 170-plus locations managed by the same agency, and that other federal agencies may sign up for ASRs when they see the performance of the initial ASR in Texas.
Determined to Deliver on Mission
With more than 10,000 investors and ver $40 million raised since the company began in 2013, Knightscope has firmly established its position as an industry leader in the public safety and security sector. But the company is determined to deliver on its mission to make the United States the safest nation in the world while supporting millions of law enforcement and security professionals across the country.
Consequently, the company is currently in the process of raising up to $50 million in growth capital as it prepares for a possible public listing. Shares are only available through Knightscope's managing broker-dealer StartEngine, and the company will close its current round of Regulation A+ Investment Offering on July 20, 2020.
"The global security market is projected to expand at over 10% per year and reach over $165 billion by 2025," StartEngine reports. "As public safety becomes more top of mind, Knightscope believes it is uniquely situated at the cross section of multiple key elements of the security market, like video analytics, which was valued at $1.6 billion in its own right."
Safest Country in the World
While the Reg A+ offering is important, Li notes that the company's "end goal and aspiration is to see if we can make the United States of America the safest country in the world. A public listing or an IPO or however you want to do it is not the end goal of the company. It is basically a financing, and that's it. That's not the mission of the company."
"I think long term, you know, my personal aspiration is to build a $30 billion company that kind of looks like a defense contractor," Li continued. "But instead of focusing on the Department of Defense, we would be focused on the Department of Justice, Homeland Security, the 19,000 law enforcement agencies and the 8,000 private security firms."
Li concluded his Stock2Me podcast interview by noting that "people are starting to realize that, 'oh, wow, remote monitoring is actually going to become the norm.' This would be a very unique way to better secure the places you visit, the places you work, study and play," he said. "I think for the last seven-plus years, we've been pretty much screaming at the top of our lungs that we need to reinvent, reimagine, reinvigorate public safety. I'm glad that finally the entire nation is focused on a fundamental issue. I don't believe the founders of our country ever expected us to build a society where going to work and going to school or just being in our own community comes with the risk of being shot or killed. We need to provide new tools and a new way to think about Public Safety, and Knightscope is at the forefront of that discussion."
Providing Much-Needed Answers
The security industry is clearly seeking solutions. Savvy companies are stepping up to provide much-needed, innovative answers.
Wrap Technologies Inc. (NASDAQ: WRTC) recently announced that more than 100 agencies had requested BolaWrap demonstrations or training just last month, with an additional 36 agencies applying for grant assistance since the June 4 debut of the company's Grant Assistance Program. "Agencies have been reevaluating their use of force methods and tools during encounters with subjects who need to be detained," said Wrap Technologies COO Mike Rothans, who noted that the company's "remote restraint device is the only tool on an officer's belt designed to restrain a noncompliant subject without inflicting pain."
A global leader in connected public safety technologies, Axon Enterprise Inc. (NASDAQ: AAXN) has created a new app that delivers advanced situational awareness for support teams and helps make officers and communities safer. Axon said the industry's first real-time mobile application allows law enforcement to use a mobile device to remotely view livestreamed Axon Body 3 camera or Axon Air drone footage. The Axon Aware app is bundled with and available at no additional cost for the company's current OSP7+ subscription plan customers, as well as a la carte customers who have purchased Aware/Aware+ or Axon Air.
Finally, Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk announced on Twitter about the company's rewritten version of Autopilot. The rewrite is expected to bring a host of new functionality. With Tesla building its most affordable car yet, Tesla continues to make products accessible and affordable to more and more people, ultimately accelerating the advent of clean transport and clean energy production. "Electric cars, batteries, and renewable energy generation and storage already exist independently, but when combined, they become even more powerful — that's the future we want," the company states.
The traditional practices of the security industry have remained virtually the same for years. Today's society, however, is demanding change, as the safety and protection of every individual is becoming a top priority.
For more information, please visit Knightscope, Inc.
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