Wrap Technologies Inc. (NASDAQ: WRAP) is emerging as a notable player in the non-lethal weapons market, with its BolaWrap remote restraint device gaining traction among law enforcement agencies. The company's growth comes at a time when the 10 largest U.S. police departments have paid out a combined $1.02 billion in settlements and court judgments for police misconduct cases, many involving improper use of force. This context underscores the potential importance of non-lethal alternatives in policing.
The BolaWrap, a patented hand-held device, discharges an eight-foot Kevlar tether to restrain individuals at a range of 10 to 25 feet. Developed by award-winning inventor Elwood Norris, the company's chief technology officer, the device is designed to assist law enforcement in safely controlling encounters, particularly those involving individuals in mental crisis, without inflicting pain.
Wrap Technologies has seen significant adoption: over 140 police departments across the United States received BolaWrap products in 2019, along with departments in 19 other countries. The company has received more than 1,700 requests for demonstrations, training, and quotes from U.S. police departments, and over 600 requests from international markets. This demand is supported by a robust intellectual property portfolio, with five U.S. patents granted and eight pending, plus patents pending in 34 additional countries.
The addressable market for non-lethal weapons is forecast to grow to $11.85 billion by 2023, up from $6.32 billion in 2016, according to the press release. Wrap Technologies is positioning itself to capture a share of this expanding market. The company can currently manufacture up to 1,800 BolaWrap devices per month and has plans to increase production capacity to 3,600 per month.
In June 2020, Wrap Technologies raised $12.4 million through a primary share equity placement, with proceeds intended to scale engineering, fund product development, and provide working capital. This financial backing could accelerate the company's growth and market penetration.
The relevance of non-lethal tools is highlighted by the substantial sums paid by major cities in police misconduct settlements. As law enforcement agencies seek to reduce use-of-force incidents and associated liabilities, products like the BolaWrap may offer a viable solution. The company's focus on humane restraint options could resonate with departments aiming to improve community relations and officer safety.
Wrap Technologies continues to expand its reach, with the latest news and updates available in the company's newsroom at https://ibn.fm/WRAP. As the non-lethal weapons market grows, the company's innovative approach may play a role in shaping modern policing strategies.
