Airship AI Holdings, Inc. to List on NASDAQ through Business Combination with BYTE Acquisition Corp.

WHO: Airship AI poised for success in growing edge AI market

Airship AI Holdings, Inc., a leading provider of AI-driven edge video, sensor, and data management solutions for government agencies and enterprises, has announced a definitive agreement for a business combination with special purpose acquisition company BYTE Acquisition Corp. The transaction, subject to shareholder and regulatory approvals, will enable Airship AI to become a publicly listed company on NASDAQ under the ticker symbol "AISP."

WHAT: AI platform enhances decision-making with data analytics

Airship AI offers a robust AI-driven platform that gathers unstructured data from surveillance cameras and sensors, applies AI analytics, and provides visualization tools to enhance decision-making in mission-critical environments. The company's end-to-end solution leverages existing hardware, capitalizing on the growing adoption of AI to improve efficiency, speed, cost-effectiveness, and decision-making capabilities for its clients.

WHY: Airship AI thrives in expanding AI market

The addressable market for edge AI software and hardware is projected to reach over $40 billion by 2030, driven by the increasing demand for AI solutions in public safety, industrial, and logistics settings. Airship AI's differentiated solution has gained traction with a blue-chip customer base that includes federal government agencies, state and local law enforcement, and Fortune 500 companies like FedEx and Home Depot. The company's strong growth trajectory, with positive revenue, gross margin, and EBITDA, positions it favorably for continued success.

HOW IT WORKS: AI at the Edge for public sector and enterprises

Airship AI's platform utilizes AI at the edge to enhance public safety and operational efficiency for public sector and commercial customers. By leveraging predictive analysis and providing meaningful intelligence to decision-makers, the platform enables proactive event monitoring and facilitates informed decision-making. The product suite includes Outpost edge hardware and software offerings, the Acropolis enterprise software stack, and the Command family of viewing clients.

CUSTOMERS: Growing adoption within Federal Government and Fortune 500

Airship AI has established a strong customer base, including federal government agencies such as the Department of Homeland Security, Department of Justice, Department of Defense, and Intelligence Community. The company also serves state and local law enforcement agencies and notable Fortune 500 companies like FedEx and Home Depot. These partnerships highlight Airship AI's credibility and track record in delivering innovative solutions that enhance public safety and operational efficiency.

TRANSACTION: Airship AI acquired by BYTE for $225M

As part of the business combination agreement, BYTE will acquire Airship AI for a pre-money equity value of $225 million. Existing shareholders of Airship AI will receive 22.5 million newly issued shares of BYTE, with the potential for up to 5 million additional shares based on performance milestones. The transaction is also supported by $7 million in non-redemption agreements. Upon completion of the transaction, Airship AI shareholders will roll 100% of their equity into the combined company, and they are expected to retain approximately 70% ownership.

KEY TAKEAWAY: Airship AI goes public through BYTE acquisition

The business combination between Airship AI Holdings, Inc. and BYTE Acquisition Corp. represents a significant milestone for Airship AI as it enters the public market on NASDAQ. With its AI-driven edge video, sensor, and data management platform, Airship AI is poised for growth in the expanding market for AI solutions. The company's strong customer base, differentiated end-to-end solution, and positive financial performance position it favorably for continued success. The transaction will provide Airship AI with enhanced visibility, selling opportunities, and financial flexibility to execute its business plan and broaden its customer base.