Andreesen Horowitz leads funding round for AI airspace startup
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The news: Venture capital giant Andreesen Horowitz has lead a USD34 million ($51.5 million) Series B funding round for AI air travel startup, Air Space Intelligence Inc. (ASI), urging it to pursue further deals with the US Department of Defense.
The numbers: The funding round led by Andressen Horowitz was achieved in less than three weeks, and values the startup at approximately USD300 million.
The context: ASI seeks to modernise air travel through the use of AI, and is particularly focused on improving the US’ National Airspace System (NAS) to become more secure, safe, and efficient. ASI has historically sold his tech solutions to commercial carriers such as Alaska Airways, but has had recent success in securing US government contracts. Bloomberg reports that ASI won two contracts with the US Air Force earlier this year totalling USD2.7 million, and has now qualified to compete for a third contract valued at as much as USD900 million.
What they said: David Ulevitch, general partner at Andreesen Horowitz said: “It’s rare for industry outsiders to gain traction in both major commercial airlines and the U.S. Air Force — organizations that have seen limited change for decades. ASI’s early success is a true testament to the caliber of the team and their technology.”
“There is a high degree of urgency to advance air operation systems across the U.S. and its allied forces. ASI has consistently been a company that moves swiftly, and now, with the infusion of new funding, we can accelerate even further in serving our airline and government partners,” said ASI CEO and co-founder Phillip Buckendorf.
The sources: Andreesen Horowitz, Air Space Intelligence
