Airship AI Holdings, to List on NASDAQ through Business Combination with BYTE Acquisition Corp.
Robust AI-driven surveillance video, sensor and data management platform
BYTE Acquisition Corp. a special purpose acquisition company (“BYTE”), and Airship AI Holdings, Inc. (“Airship AI”), a robust AI-driven edge video, sensor and data management platform for government agencies and enterprises that gathers unstructured data from surveillance cameras and sensors, applies artificial intelligence (“AI”) analytics, and provides visualization tools to improve decision making in mission critical environments, announced today the signing of a definitive agreement for a business combination that is expected to result in Airship AI becoming a public company. Upon closing of the transaction, subject to approval by BYTE’s shareholders and Airship AI’s shareholders and other customary requirements, the combined company is expected to list on Nasdaq under the ticker symbol “AISP.” The transaction is expected to close in the third quarter of 2023. Simultaneously with the issuance of this press release, BYTE has filed an investor presentation outlining Airship AI’s business and the proposed business combination, including the following investment highlights:
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“We are excited to reach this important milestone with Airship AI. We believe that Airship AI is an exceptional company with which to complete a business combination”
- Large and Rapidly Growing Size of Addressable Market
- $7 billion edge AI software and hardware addressable market today, projected to grow to over $40 billion in 20301
- This growth is expected to be driven by strong demand for AI solutions in public safety, industrial, and logistics settings
- Differentiated End-to-End Solution
- Solutions work with clients’ existing hardware and capitalize on rapidly growing use of AI to create efficiency, increase speed, reduce costs, and improve decision-making
- Blue-Chip Customer Base
- Existing customers include federal government agencies across the Department of Homeland Security, Department of Justice, Department of Defense, and Intelligence Community, along with state and local law enforcement agencies and Fortune 500 companies FedEx and Home Depot.
- Strong Growth with Software Margin
- 2022A: $14.5 million revenue, 57.9% gross margin, positive EBITDA
- NTM (Next Twelve Months, which denotes July 1, 2023 – June 30, 2024 forecast period): $39 million revenue, 65% gross margin, $9 million EBITDA
- Opportunity for margin expansion with recently launched Edge products
- Visible and Robust Pipeline
- $163 million pipeline predominantly with the U.S. government in addition to new growth opportunities within the commercial sector
Airship AI leverages AI at the edge to help improve public safety and operational efficiency for public sector and commercial customers by providing predictive analysis of events before they occur and meaningful intelligence to decision makers.
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“We’re excited to partner with the BYTE team which brings substantial software and business expertise,” said Airship AI President Paul Allen. Mr. Allen continued, “We believe being a public company will bolster our credibility as a financially strong partner to our customers by demonstrating to them our financial flexibility and transparency.”
“We are excited to reach this important milestone with Airship AI. We believe that Airship AI is an exceptional company with which to complete a business combination,” said BYTE Chief Executive Officer and Chief Financial Officer Sam Gloor. Mr. Gloor continued, “The company is operating in attractive government and commercial end markets utilizing AI technology to help improve safety and operational efficiency. Airship AI’s Outpost edge device, Acropolis operating system, and Command Nexus viewing client provide a differentiated end-to-end solution which we believe adds value for customers and that will propel Airship AI’s continued growth going forward. 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. We look forward to working with Airship AI’s management team to consummate the business combination.”
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