Wrap Technologies Inc. (NASDAQ: WRAP) is positioning itself as a key player in the non-lethal law enforcement tools market, a sector that is drawing increased attention as U.S. cities face mounting costs from police misconduct lawsuits. The 10 largest police departments in the United States have paid a combined $1.02 billion in settlements and court judgments, with many cases involving improper use of force. This financial burden underscores the urgent need for effective non-lethal alternatives, a gap Wrap Technologies aims to fill with its BolaWrap device.
The BolaWrap is a handheld 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 Elwood Norris, the device is designed to help law enforcement safely manage encounters, particularly those involving individuals in mental crisis. In 2019 alone, over 140 police departments across the United States received BolaWrap products, along with departments in 19 other countries. The company has received over 1,700 requests for demos, training, and quotes from U.S. police departments and over 600 from international markets.
Wrap Technologies currently manufactures up to 1,800 BolaWrap devices per month and has plans to expand capacity to 3,600 per month. The company holds five U.S. patents with eight more pending, and has filed patents in 34 additional countries, along with four trademarks. This intellectual property portfolio strengthens its competitive position in the non-lethal weapons market, which is forecast to grow from $6.32 billion in 2016 to $11.85 billion by 2023.
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. The company’s focus on humane restraint options aligns with rising public scrutiny of police use of force. As cities grapple with the financial and social costs of misconduct, non-lethal tools like the BolaWrap present a potential solution. For more information, visit the company’s newsroom at https://ibn.fm/WRAP.
InvestorWire, a platform for press release syndication, noted that Wrap Technologies is well-positioned to establish a commanding presence in supplying non-lethal tools globally. The company’s growth trajectory and market demand highlight the importance of innovation in policing. As the non-lethal weapons market expands, Wrap Technologies’ patented technology could play a critical role in reducing the incidence of force-related incidents and the associated financial liabilities for law enforcement agencies.
