Slingshot Aerospace gets $3 million from Air Force, private investors for data analytics technology

spacenews.com | March 26, 2020

Slingshot Aerospace has won a $1.5 million U.S. Air Force contract matched by $1.5 million in private funds to expedite the deployment of artificial intelligence driven data analytics to the Air Force Special Operations Command, the company announced March 26.Slingshot Aerospace, based in Austin, Texas, and El Segundo, Calif.uses AI algorithms to analyze data collected by satellites and aerial drones for defense, disaster response and commercial applications.The $1.5 million Small Business Innovation Research award was matched by $1.5 million from ATX Venture Partners and Revolution’s Rise of the Rest Seed Fund, both of which were already investors in the company.The contract is to develop and deploy Slingshot’s Edge software with the Air Force Special Operations to analyze in real time imagery streamed from small drones.Under a program called Rapid Innovation Fund, DoD awards SBIR contracts to companies that have technologies that can be rapidly inserted into acquisition programs to meet specific defense needs. Part of the selection criteria for Air Force SBIR contracts is to have investor matching, which signals commercial viability.

Spotlight

Unplanned downtime is one of the most significant pain points for industrial manufacturers today, costing them an estimated $50 billion each year. The risk is even greater for process manufacturing, where a critical equipment failure could result in the loss of an entire batch, environmental hazards, or safety risks. The adoption of digital technologies, such as the industrial internet of things (IIoT), promises to mitigate these threats by forecasting equipment failures and catching faults before they lead to unscheduled shutdowns. However, in practice, several challenges arise when maintenance personnel and operations leaders work to implement an IIoT solution aimed at eliminating unplanned downtime.


Other News

Dom Nicastro | April 03, 2020

Read More

Dom Nicastro | April 03, 2020

Read More

Dom Nicastro | April 03, 2020

Read More

Dom Nicastro | April 03, 2020

Read More

Spotlight

Unplanned downtime is one of the most significant pain points for industrial manufacturers today, costing them an estimated $50 billion each year. The risk is even greater for process manufacturing, where a critical equipment failure could result in the loss of an entire batch, environmental hazards, or safety risks. The adoption of digital technologies, such as the industrial internet of things (IIoT), promises to mitigate these threats by forecasting equipment failures and catching faults before they lead to unscheduled shutdowns. However, in practice, several challenges arise when maintenance personnel and operations leaders work to implement an IIoT solution aimed at eliminating unplanned downtime.

Resources