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Investors greeted ShotSpotter with a warm reception on Wednesday, on its first day as a public company. After pricing the IPO at $11, the stock closed at $13.86, or up about 26%.<\/p>\n
ShotSpotter notifies police departments about gun violence by using sensors that ignore ambient noise. Their sophisticated technology alerts authorities within 45 seconds of the trigger being pulled.<\/p>\n
It\u2019s currently used in about 90 cities, including New York, Chicago and San Francisco. ShotSpotter estimates that about 80% of gun violence goes unreported, and they are in the process of convincing municipalities worldwide that their technology will reduce fatalities.<\/p>\n
According to CEO Ralph Clark, it\u2019s not just about catching assailants, but they hope to deter crime also. \u201cNo\u00a0police response\u00a0<\/span>leads to normalization of gun violence,\u201d he claims.<\/p>\n Shotspotter makes money by charging local governments on an annual subscription basis. According to their IPO filing, they had just $15.5 million in revenue last year and $11.8 million the year before. Losses increased from $6.2 million to $6.9 million in that timeframe.<\/p>\n That is likely why the IPO was so small, raising just over $30 million. They will be using some of the proceeds to pay down debt.<\/p>\n But they are optimistic they will expand to more cities, because clearly \u201cgun violence is a fairly big problem in the U.S. and globally,\u201d said Clark. \u201cWe want to continue to invest in customer success,\u201d he said.<\/p>\n The largest stakeholders are Lauder Partners, Motorola Solutions and Claremont Creek Ventures. The Mountain View, CA.-based company previously raised at least $67 million in funding.\u00a0<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"![\"\"](\"https:\/\/tctechcrunch2011.files.wordpress.com\/2014\/10\/gun1.png?w=680\")
Investors greeted ShotSpotter with a warm reception on Wednesday, on its first day as a public company. After pricing the IPO at $11, the stock closed at $13.86, or up about 26%. ShotSpotter notifies police departments about gun violence by using sensors that ignore ambient noise. Their sophisticated technology alerts authorities within 45 seconds of the trigger being pulled. It’s… Read More<\/a><\/p>\n\n<\/img><\/a>
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