Short The Criminals: Knightscope’s Momentum And Double Digit Growth Could Mean A Safer World
Detroit, Michigan
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November 10, 2023 09:00 AM Eastern Standard Time
By Faith Ashmore, Benzinga
Click here to learn more about the Knightscope Public Safety Infrastructure Bond.
While the world overall has become more peaceful in the past century, the aftermath of the pandemic has seen an increase in violence in certain areas of the country and internationally. For example, California has seen increases in violent crime in the years since the pandemic hit. The state’s violent crime rate is up by 13.5% compared to the pre-COVID rate of 2019. With poverty rates on the rise, crimes – specifically misdemeanors – might continue to rise in coming years; poverty and non-violent crimes have often been linked due to there being fewer legal means to live a decent standard of living for those under the poverty line.
At the same time, police violence and racial police discrimination are also on the rise. A recent study showed that U.S. law enforcement killed at least 1,176 people in 2022, making it the deadliest year on record for police violence since 2013 when experts first started tracking the killings nationwide. Additionally, 1 in 5 Black adults, including 3 in 10 Black men, say they have been a victim of police violence. The combination of increased crime rate, as well as the lack of public trust in police to act justly and within reason, can create tension and potentially dangerous environments.
An innovative public safety technology company is deploying an interesting alternative to typical policing that can help reduce both crime rate and policing human error. AI and robotics are part of the solution to create safer public spaces while decreasing human error that can come from human police officers. Knightscope (NASDAQ: KSCP) is a technology company ushering in the dawn of Autonomous Security Robots (ASRs) and working hard to protect U.S. citizens from crime across the country. The company has over a decade of experience and has shown its solutions to be effective. For example, when one of its units was deployed in Huntington Park, Los Angeles County, there were 46% fewer crime reports overall – and they have recently renewed the contract for the 5th year in a row. Knightscope’s success has garnered national attention, and the company has won corporate contracts with major corporations such as PENN Entertainment (NASDAQ: PENN), PG&E (NYSE: PCG), ABM (NYSE: ABM) and Lowe's (NYSE: LOW).
Knightscope continues to make waves in the industry with recent accomplishments and contracts. They have recently announced two new contracts, selling a total of ten new machines. These contracts include a hospital in Colorado and an online retailer in Georgia, both of which have recognized the value of incorporating Knightscope technologies into their security programs.
One of Knightscope's newest products, the K1 Hemisphere, is specifically designed for securing areas where the use of autonomous security robots is not necessary. An online retailer that operates multiple warehouses across the United States has signed an agreement for two Hemispheres to enhance employee safety and deter theft and criminal trespassing at their Georgia facility. These machines will also monitor the property's driveway. The retailer has also included the Knightscope+ remote monitoring service to ensure prompt investigation and handling of all alerts, relieving the hospital personnel of this responsibility. The retailer reported being so pleased with the deployment at their Georgia location that they have already requested proposals for additional Hemispheres at their New York and Nevada facilities.
Additionally, a California community college has invested over $1.5 billion in updating its facilities, including its safety and security measures. Knightscope was chosen as the preferred vendor to replace the college's outdated emergency phone system with K1 Blue Light Towers. With the latest order, the college has installed a total of 26 Towers and is adding 6 more to enhance its operations.
Knightscope has also made significant strides in the hospitality and education industries this month. They have secured contracts with hotels in Portland, Oregon, where their K5 Autonomous Security Robots will patrol the parking areas to ensure the safety of guests, employees, and visitors. The company has also partnered with a pre-K school and another hotel. Most notable, however, Knightscope recently announced a collaboration with the NYPD and MTA in New York City, as their robots will operate in the subway system during late-night hours. Known for their effectiveness and approachability, the K5 robots strike a balance between engagement and respect for privacy.
The company is currently offering a unique investment opportunity for interested parties to buy bonds. Knightscope is offering 10% interest, paid in cash annually, on up to a 5-year bond. For example, a $10,000 investment could yield $1,000 of interest in cash payments annually for 5 years.
Knightscope's recent achievements demonstrate their commitment to revolutionizing the security industry and promoting greater safety for various sectors. The robotics market was valued at $31.38 billion in 2021 and is expected to reach $110.39 billion by 2030 with a CAGR of 15% from 2022-2030. Knightscope seems well-positioned to capitalize on this growth and be a potential leader in the U.S. market.
Click here to learn more about the Rise of the Robots.
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