Slingshot Aerospace, an El Segundo, California-based advanced geo-analytics solutions provider, in a recent press release statement on Wednesday, Apr. 17th 2019, announced raising $5 million in new seed funding, led by ATX Venture Partners, an Austin, Texas-based venture capital & private equity firm. The funding round also saw participation from new investor Revolution (Rise of the Rest Seed Fund), along with previous investors Okapi Capital, Stage Venture Partners, Sway Ventures, and Techstars Ventures.
“Slingshot is on the cutting edge of applying AI, ML and big data analytics to geospatial and orbital exploration at a time when insights are more needed than ever,” stated Colin Greenspon, Partner at Revolution’s Rise of the Rest Seed Fund. “The company is another great example of a company finding advantages in scaling outside of Silicon Valley, and we look forward to supporting them as government and defense and other arenas apply their technologies.”
With this recent seed funding round, the El Segundo-based Slingshot has, to date, raised a total sum of $9.1 million. As per the company officials, Slingshot plans on utilizing this capital to accelerate its product development process and hire new professionals in finance, business development, and software engineering/data sciences. The company aims at aiding both the government and commercial customers to help them predict the unexpected, thus lending them a helping hand to optimize their situational awareness by leveraging the machine learning technology for geospatial intelligence and space situational awareness. Slingshot has an impressive customer line-up from BAE Systems, through to Boeing, NASA, to the US Air Force.
“Together, we created Slingshot to bring decision makers more complete and timely awareness in the orbital and geospatial arenas,” stated David Godwin, CEO and Co-Founder of Slingshot Aerospace. “The market opportunity for Slingshot is vast, as we have become a leader in AI-driven space tech products across multiple domains – closing the gap between data analysis and critical decision making.”
“In bringing together disparate signals and using deep learning to speed up time-sensitive detections, both terrestrial and in orbit, we are continually discovering new ways to predict the unexpected and empower our commercial and defense customers with advanced analytics,” said Melanie Stricklan, CSO and Co-Founder of Slingshot. “It’s extremely rewarding to know that we have started to fulfill our mission and attract the highest caliber talent who share this passion.”
Slingshot recently appointed Tom Inman, as the company’s new Vice President of Finance, and Dean Teffer, as its new Vice President of Technology.
“As follow-on investors in Slingshot, we believe they will become the leaders in geospatial AI and edge technologies to make a true difference in our world,” mentioned Chris Shonk, Managing Partner at ATX Venture Partners. “There is no better combination of people than Slingshot’s founders to commercialize this frontier technology. From leaders in the military with expertise on geospatial and orbital applications, to a proven serial entrepreneur and strategist on bringing products to market, this team is positioned to propel the company forward beyond our wildest imagination.”