Wrap Technologies Inc. (NASDAQ: WRAP) is emerging as a key player in the non-lethal weapons market, which is projected to grow to $11.85 billion by 2023 from $6.32 billion in 2016. The company's BolaWrap device, a patented hand-held remote restraint tool that deploys an eight-foot Kevlar tether to restrain individuals at a distance of 10-25 feet, has already been adopted by over 140 police departments in the United States and law enforcement agencies in 19 other countries. This comes as the 10 largest U.S. police departments have collectively paid $1.02 billion in settlements and court judgments for misconduct cases, many involving excessive force.
The BolaWrap, developed by award-winning inventor Elwood Norris, is designed to provide law enforcement with a humane restraint option that does not inflict pain, making it particularly suitable for encounters with individuals experiencing mental health crises. The device has generated significant interest, with over 1,700 requests for demos, training, and quotes from U.S. police departments and more than 600 from international markets. Wrap Technologies currently has the capacity to manufacture up to 1,800 units per month and plans to expand to 3,600 units monthly to meet growing demand.
The company's intellectual property portfolio includes five granted U.S. patents, eight pending U.S. patents, and patents pending in 34 additional countries, along with four trademark filings. In June 2020, Wrap Technologies raised $12.4 million through a primary share equity placement to scale engineering, fund product development, and provide working capital. This financial boost positions the company to capture a significant share of the expanding non-lethal weapons market, which is driven by increasing public scrutiny of police use of force and the need for safer alternatives.
For more information on Wrap Technologies, visit the company's newsroom at https://ibn.fm/WRAP.
