AUSTIN, Texas, Dec. 12, 2017 /PRNewswire/ — ATX Seed Ventures announces today that it has led a $3.25M Series Seed funding in Slingshot Aerospace, a company utilizing artificial intelligence (AI) to provide repeatable solutions to geospatial information challenges for industries such as defense, insurance and energy. Participating in the seed round were Okapi Venture Capital and Sway Ventures, along with Stage and NoName Ventures. Slingshot Aerospace plans to use this capital to build upon its early success by unlocking insights gained from satellite imaging, drones and aircraft.
Slingshot Aerospace, a cutting-edge leader in providing the next generation of signal processing AI, allows customers worldwide to make valuable decisions utilizing Earth Observation data, the world’s largest untapped data source, and other ancillary data sources. The company significantly improves the value of data its customers consume, allowing them to gain competitive advantage while reducing risk and cost. Slingshot Aerospace transforms imagery and other data into unique customer insights at a frequency and scale not possible before.
“The amount of data gathered by satellites, aircraft, and drones is accelerating exponentially. Turning that into profound, useful insights via Artificial Intelligence is one of the largest market opportunities of the decade,” said Christopher Shonk, founder of ATX Seed Ventures. “We are thrilled to work with this experienced management team and, having spoken to current and potential customers, we maintain a strong outlook for Slingshot Aerospace to lead the market.”
The Slingshot team was recently enlisted by BAE Systems and Team Rubicon during Hurricanes Harvey and Irma, to analyze flooding severity as well as to identify the safest possible escape routes and staging areas. In a matter of hours, using their leading technology, Slingshot provided analytical intelligence and support to the in-situation relief teams allowing them to efficiently get help faster to those in need.
“Slingshot’s capabilities are not limited to specific industries, but are built to enable our team to innovate, build and deploy ready-to-use solutions rapidly. This gives Slingshot an unfair advantage in solving high-value problems for our customers in a more timely and accurate way than our competition,” said David Godwin, CEO of Slingshot. “This round will enable Slingshot to press our advantage to be the first place defense and commercial senior decision makers look for assessing risk, monitoring change or evaluating opportunity around assets worldwide.”
Slingshot Aerospace is headquartered in Austin, Texas, with a significant presence in Los Angeles, California, via its El Segundo offices.
About Slingshot Aerospace
Slingshot Aerospace develops computer vision based solutions to extract intelligence and insights from ultra high-volume satellite, aerial and drone imagery to optimize decision making for the Department of Defense and industries such as insurance, financial services and energy. Slingshot Aerospace was launched in June 2017 and was co-founded by U.S. Air Force veterans Mel Strickland,Thomas Ashman and repeat entrepreneur, David Godwin. Slingshot Aerospace was part of the Techstars LA inaugural class. www.slingshotaerospace.com
About ATX Seed Ventures
ATX Seed Ventures is a Texas-based venture capital firm that specializes in early stage technology investments sourced and managed by a network of successful operators and proven executives. We value startup experience, intelligence, resiliency and domain expertise. We seek tech-enabled companies looking to empower or disrupt legacy industries, or pioneering new markets. Austin, a hotbed for tech entrepreneurs, receives about half of venture investments for the entire state of Texas and has nearly 100 companies in the Inc. 5000 including growing Facebook, Google and Apple presences. The firm was founded in 2014 by Christopher Shonk and a cadre of successful venture backed founders with exits across Texas. ATX recently had their first close for Fund II. www.atxseedventures.com
About Okapi Venture Capital
Okapi provides long-term capital and management support to startups and early-stage companies. Okapi takes pride in partnering with exceptionally talented entrepreneurs and operational executives to develop their emerging businesses. Okapi invests in early-stage technology-driven companies with a particular emphasis on Southern California startups in the greater Los Angeles, Orange County and San Diego regions. For more information, please visit: www.okapivc.com
About Sway Ventures
Sway Ventures is a San Francisco-based venture capital firm investing in early to mid-stage technology companies. The firm invest in high performing teams, building revolutionary technology, creating the next enterprise or consumer category. With a focus on strategic capitalization, business development support, and engineered exits, Sway Ventures provides great teams with the support they need to change the future. www.swayvc.com
