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BYTE Acquisition Corp. and Airship AI Holdings, Inc. Announce Letter of Intent for a Business Combination
REDMOND, Wash.--(BUSINESS WIRE)-- BYTE Acquisition Corp. (NASDAQ: BYTS), a publicly traded special purpose acquisition company (“BYTE”), and Airship AI
About this update from Airship Ai Holdings, Inc
[{"type":"text","content":" REDMOND, Wash.--(BUSINESS WIRE)--\nBYTE Acquisition Corp. (NASDAQ: BYTS), a publicly traded 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 non-binding letter of intent (“LOI”) for a potential business combination. 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:\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230310005246/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 2030\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\nProvides Differentiated End-to-End Solution\n\n\nSolutions capitalize on rapidly growing use of AI to create efficiency, increase speed, reduce costs, and improve decision making\n\n\n\n\nBlue-Chip Customer Base\n\n\nPrevious relationships with the Department of Homeland Security, the Department of Justice, and Other Government Agencies as well as two Fortune 500 companies, FedEx, and Home Depot\n\n\n\n\nStrong Growth with Software Margin\n\n\n2022E: Airship AI expects approximately ~$14.5 million revenue, 57.9% growth margin, positive EBITDA\n\n\nOpportunity for margin expansion with recently launched Edge products\n\n\n\n\nVisible and Robust Pipeline\n\n\n$162 million pipeline in addition to a largely untapped opportunity within the commercial space\n\n\n\n\nAirship AI leverages Artificial Intelligence (“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 provide meaningful intelligence to decision makers.\n\n“We’re excited to partner with the BYTE team whi...