The $1.5 million Small Enterprise Innovation Analysis award was matched by $1.5 million from ATX Enterprise Companions and Revolution’s Rise of the Relaxation Seed Fund.
WASHINGTON — Slingshot Aerospace has gained a $1.5 million U.S. Air Drive contract matched by $1.5 million in personal funds to expedite the deployment of synthetic intelligence-driven information analytics to the Air Drive Particular Operations Command, the corporate introduced March 26.
Slingshot Aerospace, based mostly in Austin, Texas, and El Segundo, Calif., makes use of AI algorithms to investigate information collected by satellites and aerial drones for protection, catastrophe response and business functions.
The $1.5 million Small Enterprise Innovation Analysis award was matched by $1.5 million from ATX Enterprise Companions and Revolution’s Rise of the Relaxation Seed Fund, each of which had been already buyers within the firm.
The contract is to develop and deploy Slingshot’s Edge software program with the Air Drive Particular Operations to investigate in actual time imagery streamed from small drones.
Below a program known as Fast Innovation Fund, DoD awards SBIR contracts to firms which have applied sciences that may be quickly inserted into acquisition packages to fulfill particular protection wants. A part of the choice standards for Air Drive SBIR contracts is to have investor matching, which alerts business viability.
Chris Shonk, managing companion at ATX Enterprise Companions mentioned this program is a “distinctive partnership within the enterprise capital group to have the ability to companion with the U.S. Division of Protection to assist rapidly drive a essential expertise like Slingshot Edge to market.”
Steve Case, founding companion at Revolution’s Rise of the Relaxation Seed Fund, mentioned in an announcement that the fund is “excited to have the ability to assist propel Slingshot to market whereas benefiting Air Drive Particular Operations Forces within the course of.”