Wrap Technologies Inc. (NASDAQ: WRAP) is gaining attention as a key player in the non-lethal weapons market, a sector projected to grow to $11.85 billion by 2023 from $6.32 billion in 2016. The company's BolaWrap device, a handheld remote restraint that fires a Kevlar tether to subdue individuals from 10-25 feet, offers law enforcement a painless alternative to force. This innovation comes amid a backdrop where the 10 largest U.S. police departments have paid $1.02 billion in settlements for misconduct, often related to excessive force.
In 2019, over 140 U.S. police departments and agencies in 19 other countries adopted BolaWrap. The company has fielded over 1,700 demonstration, training, and quote requests domestically and more than 600 internationally. Currently manufacturing up to 1,800 units per month, Wrap Technologies plans to double capacity to 3,600. The device is protected by five U.S. patents, with eight more pending, and patents filed in 34 additional countries.
The company's financial position was strengthened by a $12.4 million equity placement in June 2020, earmarked for engineering, product development, and working capital. This funding supports scaling production to meet rising demand from law enforcement agencies seeking tools to de-escalate encounters, particularly with individuals in mental crisis.
Wrap Technologies' BolaWrap, developed by chief technology officer and award-winning inventor Elwood Norris, is designed to safely restrain without inflicting pain. As police departments face scrutiny over use of force, non-lethal options like BolaWrap are increasingly seen as essential. The addressable market's expansion underscores the potential for Wrap Technologies to capture a significant share, given its first-mover advantage and robust intellectual property portfolio.
For more information, visit the company's newsroom at https://ibn.fm/WRAP.
