The 10 largest police departments in the United States have paid $1.02 billion in settlements and court judgments for police misconduct cases, largely centered on improper use of force, according to recent data. This crisis has created a pressing need for non-lethal alternatives, positioning Wrap Technologies Inc. (NASDAQ: WRAP) as a key player in the evolving law enforcement tools market.
Wrap Technologies, an innovator of modern policing solutions, produces the BolaWrap, a patented hand-held remote restraint device that discharges an eight-foot Kevlar tether to restrain individuals at a range of 10-25 feet. Developed by award-winning inventor and chief technology officer Elwood Norris, the device is designed to assist law enforcement in safely controlling encounters, particularly those involving individuals experiencing mental crises.
The company has seen significant adoption: over 140 police departments across the United States received BolaWrap products in 2019, along with departments in 19 other countries. Wrap Technologies has received over 1,700 requests for demos, training, and quotes from U.S. police departments and over 600 requests from international markets. The firm can currently manufacture up to 1,800 BolaWrap devices per month, with plans to expand capacity to 3,600 per month.
The non-lethal weapons market is forecast to grow from $6.32 billion in 2016 to $11.85 billion by 2023, according to industry projections. Wrap Technologies is well-positioned to capture a commanding share of this expanding market, bolstered by its strong intellectual property portfolio. The company holds five U.S. patents, with eight additional patents pending, and has filed four trademarks. It also has patents pending in 34 countries.
In June 2020, Wrap Technologies raised $12.4 million through a primary share equity placement, with proceeds earmarked for scaling engineering, funding product development, and providing working capital. This financial backing supports the company's growth trajectory as it aims to meet rising global demand.
The implications for law enforcement and public safety are profound. The BolaWrap offers a humane restraint option that does not inflict pain, potentially reducing the risk of injury to both officers and suspects. For police departments grappling with high misconduct settlement costs, adopting such technology could mitigate legal liabilities and improve community trust. Industry leaders should monitor Wrap Technologies as it expands production and global reach, potentially reshaping standards for non-lethal policing tools.
For more information on Wrap Technologies, visit the company's newsroom at https://ibn.fm/WRAP.
