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Airship AI Holdings, Inc. to List on NASDAQ through Business Combination with BYTE Acquisition Corp.
Robust AI-driven surveillance video, sensor and data management platform REDMOND, Wash. & NEW YORK--(BUSINESS WIRE)-- BYTE Acquisition Corp. (NASDAQ: BYTS),
About this update from Airship Ai Holdings, Inc
[{"type":"text","content":"\nRobust AI-driven surveillance video, sensor and data management platform\n\n\n REDMOND, Wash. & NEW YORK--(BUSINESS WIRE)--\nBYTE Acquisition Corp. (NASDAQ: BYTS), 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:\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230626861400/en/\n\nLarge and Rapidly Growing Size of Addressable Market\n\n\n$7 billion edge AI software and hardware addressable market today, projected to grow to over $40 billion in 20301\n\n\n\nThis growth is expected to be driven by strong demand for AI solutions in public safety, industrial, and logistics settings\n\n\n\n\n\n\n\nDifferentiated End-to-End Solution\n\n\nSolutions work with clients’ existing hardware and capitalize on rapidly growing use of AI to create efficiency, increase speed, reduce costs, and improve decision-making\n\n\n\n\n\n\n\nBlue-Chip Customer Base\n\n\nExisting 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.\n\n\n\n\n\n\n\nStrong Growth with Software Margin\n\n\n2022A: $14.5 million revenue, 57.9% gross margin, positive EBITDA\n\n\n\nNTM (Next Twelve Months, which...