Knightscope, a Mountain View, Calif.-based developer of autonomous security robots, is going public on the NASDAQ under the ticker symbol “KSCP.” Knightscope will be offering $40 million of Class A common stock at $10 per share.
Knightscope plans to use the proceeds from the initial public offering (IPO) to continue to scale its fleet of security robots and to invest in new technologies. The company has a line of four security robots, ranging from a stationary robot to an all-terrain one.
“On this important day, I wish to take a moment to thank the absolutely relentless team at Knightscope and our 28,000+ investors for their unwavering support,” said Knightscope chairman and CEO William Santana Li. “We are committed more than ever to our mission of making the United States of America the safest country in the world. We need to provide the brave women and men in uniform, on our own soil, cutting edge technology to help them make smarter, faster and safer decisions. They deserve only the best and so does every community in our great nation, as we work to reimagine public safety, together.”
Knightscope was founded in 2013 and has raised more than $75 million in funding. In 2020, the company gained its first federal purchase order through a General Services Administration (GSA) contract.
The company offers its robots for sale using a robots-as-a-service (RaaS) business model. RaaS is a capital expense heavy business model as the RaaS-provider (KnightScope) doesn’t sell the physical equipment to its customers, it only offers the robots in a subscription model. Thus the robots remain on the books for Knightscope throughout their useful lifetime.
Knightscope first announced its plans to go public at its shareholders meeting in September 2021. There, the company also announced it would be prioritizing its 28,000-plus investors first, allowing them to purchase stock before the rest of the public. You can watch a video of that meeting below.
According to an SEC filing, Knightscope’s revenue for the six months ended June 30, 2021 increased by $141,000 (9%) to $1.8 million. Revenue for the six months ended June 30, 2020 was $1.6 million.
Knightscope’s shares were listed for sale immediately following the closing of the NASDAQ on December 1, 2021.
In April 2020, Knightscope announced new software features that would help to encourage social distancing at the start of the COVID-19 pandemic. The software enables Knightscope robots to identify tight groupings of people and then play warning messages.