Thursday, March 26, 2020

Slingshot Aerospace Gets $3M

Austin- and Los Angeles-based Slingshot Aerospace, a developer of software which combines satellite, aerial, drone and other data, has raised $3.0M in a combination of venture capital and a Small Business Innnovation Research contract, the company said on Thursday. According to the company, it received $1.5M in funding from ATX Venture Partners and Revolution's Rise of the Rest Seed Fund, and $1.5M from the U.S. Air Force via the SBIR contract. The company said the funds will go towards rapid development and deployment of its Slingshot EDGE software, which it says will help the U.S. Air Force Special Operations analyze drone imagery in real-time with computer vision to navigate safe paths in the field. The SBIR grant came from the United States Air Force Life Cycle Management Center (AFLCMC). Slingshot Aerospace said its artificial intelligence-powered software will be used with small, unmanned aircraft systems to help Air Force Special Operations move from manually intensive situational awareness processes to a more tactical, timely and autonomous decision-making solution.