Airship AI is an AI-driven surveillance video, sensor and data management platform that helps government agencies and enterprises to collect unstructured data from surveillance cameras and sensors
Airship AI signs LOI with BYTE Acquisition for possible business combination. (Credit: Photo Mix from Pixabay)
Airship AI has signed a non-binding letter of intent (LOI) with BYTE Acquisition, a special purpose acquisition corporation (SPAC), for a proposed business combination that would value the former at a pro forma enterprise value of $290m.
Established in 2006, Airship AI is a US-based artificial intelligence (AI)-driven surveillance video, sensor and data management platform. The deal with the SPAC will enable it to go public.
The firm helps government agencies and enterprises to collect unstructured data from surveillance cameras and sensors and apply artificial intelligence (AI) analytics to enhance public safety and operational efficiency.
As per the terms of the proposed deal, Airship AI’s shareholders would roll 100% of their equity into the combined entity.
The SPAC has committed to secure a $4m pre-transaction bridge.
Both firms plan to jointly raise further capital through a private investment in public equity (PIPE).
Airship AI president Paul Allen said: “We’re excited to partner with the BYTE team which brings substantial software and business expertise.
“Being a public company will bolster credibility as a financially strong partner with customers by demonstrating our financial stability and transparency.”
Airship AI also offers visualisation tools to improve decision making in mission critical environments.
Headquartered in Redmond, Washington, the technology firm performs predictive analysis of events before they happen and provides decision makers with meaningful intelligence.
The completion of the proposed business combination is subject to the fulfilment of due diligence, the negotiation of a definitive agreement providing for the deal, as well as the satisfaction of the conditions negotiated therein.
Besides, the proposed deal requires BYTE Acquisition and Airship AI’s boards’ and shareholders’ approvals.
BYTE Acquisition stated that there is no assurance that a definitive agreement will be signed by the companies or that the proposed business combination will be completed.