Wrap Technologies Inc. (NASDAQ: WRAP), a developer of non-lethal restraint devices for law enforcement, is gaining attention as the market for such tools expands. The company's BolaWrap device, a remote restraint tool that discharges a Kevlar tether to immobilize individuals from a distance, has been adopted by over 140 police departments in the United States and 19 other countries. This comes as a recent analysis shows that the 10 largest U.S. police departments have paid $1.02 billion in settlements and court judgments for misconduct, much of it related to excessive force.
The non-lethal weapons market is projected to grow from $6.32 billion in 2016 to $11.85 billion by 2023, according to industry forecasts. Wrap Technologies is scaling production to meet this demand, currently manufacturing up to 1,800 BolaWrap devices per month with plans to increase capacity to 3,600 units. The company has received over 1,700 requests for demonstrations, training, and quotes from U.S. police departments and more than 600 from international markets.
The BolaWrap, invented by Elwood Norris, is designed to restrain individuals without causing pain, making it suitable for encounters with people experiencing mental crises. The device is protected by five U.S. patents, with eight more pending, and patents filed in 34 additional countries. Wrap Technologies raised $12.4 million in June 2020 through a primary share equity placement, with funds allocated to engineering, product development, and working capital.
As law enforcement agencies face increasing scrutiny over use-of-force incidents, non-lethal alternatives like the BolaWrap offer a potential solution. The company's technology aims to reduce injuries and fatalities during arrests, addressing a key concern in police reform discussions. With a growing addressable market and strong intellectual property, Wrap Technologies is positioned to become a leading supplier of non-lethal tools globally.
More information about Wrap Technologies is available in the company's newsroom at https://ibn.fm/WRAP.
