After a disappointing market debut last Thursday, security robot maker Knightscope (KSCP) rallied hard on its second day of trading to finish the week up by 175%. In addition to the impressive performance, Knightscope raised $22.3m from the offering.
Rather than a traditional IPO or SPAC listing, Knightscope allowed investors to purchase pre-listed shares on its website for $10 each. The company offered a total of 4 million shares and ended up selling 2.23 million.
Knightscope was founded in 2013 and produces automated security robots to government agencies, private businesses, and corporations. The robots are used to patrol parking garages, malls, schools, and businesses, gathering and reporting data back to security organizations. The company currently offers stationary, indoor, and outdoor automated security robots and is currently working on a multi-terrain robot.
Why it matters
While it has yet to turn a profit, Knightscope currently has between 80 and 90 automated security robots under contract in the US. In 2020, the company received its first order from the US federal government.