Airship AI Makes Its Debut On The Nasdaq After Completing Merger With BYTE Acquisition Corp.
Detroit, Michigan
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December 28, 2023 09:15 AM Eastern Standard Time
By Meg Flippin, Benzinga
Airship AI (NASDAQ: AISP), the Redmond, Washington artificial intelligence company helping U.S. Homeland Security agencies monitor the nation’s border, made its debut on the Nasdaq after completing its merger with BYTE Acquisition Corp. (NASDAQ: BYTS).
The Special Purpose Acquisition Corp. or SPAC deal, which gave Airship AI a pre-money equity value of $225 million, is aimed at accelerating the growth of Airship AI’s AI-driven edge video, sensor and data management platform for government and business customers. The deal was first announced in June, and Airship AI reports that it had the overwhelming support of shareholders.
Getting In The Spotlight
Airship AI is betting its NASDAQ listing will enhance its visibility, broaden its customer base and give it financial flexibility as it goes after what it says is the $7 billion addressable market for edge AI software and hardware. It's a market Airship AI said is projected to grow to over $40 billion by 2030.
Airship AI has created a niche in an arena where organizations can get bogged down in the exacting and evolving technical difficulty of turning dynamic data into intelligence in real time. Managing, analyzing and gleaming actionable information from an array of sources can be difficult and time-consuming. For example, responding to reports of gunfire in a public setting or a remote setting can present unique challenges. Information can be coming in from body cams, surveillance cameras, drones, CCTV and a host of other sources in multiple formats and from multiple vendors. Timely and automated collection and analysis of what happened – and what may happen next – is critical for law enforcement, government agencies and commercial organizations alike.
Airship AI’s platform pulls it all together – helping law enforcement, intelligence agencies and companies make informed decisions in real time. Its tailored software operating platform opens customers' access to data from cameras and sensors for decisive and accurate responses using data that’s enhanced by AI. There’s a growing demand in new markets where AI is being embraced for change.
“Our partnership with BYTE enabled us to reach this exciting milestone and accelerate the delivery of our data management platform,” Airship AI President Paul Allen said. “As a public company we’re reinforcing customer confidence in our financial strength, flexibility and transparency as much as our capabilities delivering robust software and hardware solutions.”
Airship AI’s Edge
Airship AI’s surveillance platform improves public safety and operational efficiency for the public sector and commercial customers by harnessing edge data for actionable intelligence and predictive analysis of events before they occur. Airship AI’s product suite includes Outpost AI edge hardware and software offerings, Acropolis enterprise management software stack and Command family of visualization tools.
Its AI capabilities can solve complex data challenges in mission-critical environments where rapidly increasing volumes of data need to be gathered from a growing number of data sources for real-time intelligence and decision-making. That ability gives it an edge over its rivals. Another differentiation: Airship AI customers can use their existing hardware saving them time and money getting up and running.
Protecting U.S. Borders
The NASDAQ listing comes just days after Airship AI announced the delivery of its solutions based on its AI Outpost product to agencies within the U.S. Department of Homeland Security to support real-time intelligence collecting along the U.S. borders. The $10.9 million contract was inked in September. Airship’s platform is already being used by federal, state and local law agencies and the private sector including FedEx Corp. (NYSE: FDX) and Home Depot Inc. (NYSE: HD).
Last year, it had revenue of $14.5 million. That’s projected to grow to $39 million in the year ahead with gross margins at a respectable 65% and $9 million in EBITDA forecasted. As it stands, Airship AI has a pipeline of about $163 million, anticipated to be composed largely of U.S. government customers in addition to new growth opportunities within commercial sectors. Year-over-year Airship AI’s pipeline has grown over 60%, underscoring the need for advanced security solutions.
The world is a scary place, and it’s getting scarier. Staying on top of all the threats coming from multiple sources can be difficult to do. Airship AI is leveraging AI to make the world safer. With its IPO completed, the company is hoping to do more of that whether it's on the border or in the classroom.
Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.
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