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Airship AI set to go public to amplify business opportunities

Airship AI set to go public to amplify business opportunities

AI-driven data management platform Airship AI has announced plans to go public through a merger with BYTE Acquisition Corp, a special purpose acquisition company (SPAC).

According to a Bloomberg report, this news comes amidst a challenging environment for SPACs, which saw $11 billion worth of deals called off in a single hour last December. 2021 witnessed a peak of 613 SPAC deals, but 2023 has seen a contrast, with 29 deals reaching completion so far per SPAC Insider’s statistics.

Airship AI’s ambition to expand its business scope, mainly with government sector clients, largely influenced the decision to go public. The executives at Airship AI and BYTE believe that a public listing will increase Airship AI’s visibility and open up opportunities for larger contracts.

Sam Gloor, BYTE CEO, expressed his optimism in a statement in June, saying: “We believe a public listing will provide Airship AI with enhanced visibility, selling opportunities and financial flexibility to perform its business plan and broaden its customer base.”

Gloor, an experienced investment banker and founder of Sagara Group, specializes in advising growth-stage companies.

Airship AI, which will be listed on the Nasdaq under the ticker symbol AISP, is a global enterprise with a workforce of 47 employees spread across offices in Redmond, Charlotte, N.C. and Taiwan.

The company’s software utilizes computer vision and AI to analyze data from cameras and sensors at the edge. It offers object detection and recognition technology to help companies enhance security and address operational requirements. Specifically, it provides Airship Outpost, a compact hardware device that encodes video, and Acropolis OS, a web application for surveillance system management.

The company’s executive team includes President Paul Allen, a former IBM executive and Green Beret with the U.S. Army Special Forces, and CTO Yanda Ma, a team member who joined Airship in 2005.

The company serves a diverse range of customers, including federal government agencies and well-known brands like FedEx and Home Depot.

Airship AI faces competition from other video analysis providers such as Ambarella. Ambarella recently partnered with Canopy, a smart vehicle security startup supported by ADT and Ford, to enhance the Canopy Pickup Cam. By utilizing Ambarella’s CV25 AI computer vision system-on-chip (SoC), the vehicle security system offers real-time monitoring and threat detection for truck beds.

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