Wrap Technologies Inc. (NASDAQ: WRAP) is gaining attention as a potential solution for law enforcement agencies seeking to reduce use-of-force incidents. The 10 largest U.S. police departments paid $1.02 billion in settlements and court judgments for misconduct, often involving excessive force. Wrap Technologies offers the BolaWrap, a handheld device that restrains individuals from a distance using a Kevlar tether, minimizing harm.
In 2019, over 140 U.S. police departments and agencies in 19 other countries adopted BolaWrap. The company received over 1,700 demo requests from U.S. departments and 600 from international markets. Wrap can produce 1,800 devices per month, with plans to double capacity to 3,600. The non-lethal weapons market is projected to grow to $11.85 billion by 2023 from $6.32 billion in 2016, presenting a significant opportunity.
The BolaWrap, invented by Elwood Norris, uses a patented design with five U.S. patents granted and eight pending, plus patents in 34 countries. In June 2020, Wrap raised $12.4 million through an equity placement to fund engineering, product development, and working capital. The company positions itself as a key player in modern policing, addressing mental health crises and reducing fatalities.
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