Slingshot Aerospace, Inc. has raised $8 million in Series A funds for a total raised of $17.1 million to date — the round is led by ATX Venture Partners, and includes additional investments from Revolution’s Rise of the Rest Seed Fund, Techstars Ventures and Okapi Venture Capital.
Angel investors that participated in the round include former CEO of the United States Geospatial Intelligence Foundation and current Principal Consultant for Plum Run, LLC, Keith Masback; Gregory Mead and Marie-Alicia Chang, co-founders of Semetric; and Glenn Degenaars who was recognized as a Top Wealth Advisor for 2020 by Forbes.
Slingshot Aerospace is creating situational awareness technologies that provide customizable solutions to quickly navigate, analyze, and leverage data from earth and space. The funds raised will be used to further develop Slingshot Aerospace products for commercialization, enable the company to expand into new industry verticals outside of aerospace and defense, and grow the team.
Satellites, airplanes, drones, and ground-based sensors generate petabytes of data every day, but it’s impossible to quickly analyze and use the information in a meaningful way. Slingshot Aerospace is creating tools that unlock the power of data intelligence to save lives, time and money.
In less than 3 years, Slingshot Aerospace has experienced rapid growth by earning millions of dollars in revenue from early customer contracts, and is leveraging government contracts to accelerate digital transformation within defense to build the company’s intellectual property. The innovation of Slingshot Aerospace has helped the company cultivate a strong foundation of customers over the last three years including NASA, United States Air Force, BAE Systems, Boeing, Northrop Grumman, and more. The company is currently working with the United States Space Force to create Slingshot Orbital Laboratory, and has partnered with the United States Air Force on two contracts to develop Slingshot Edge and another solution for the military branch’s Base of the Future initiative. Slingshot Aerospace aims to disrupt a $51.5 billion market by significantly improving the value of data.
“Slingshot Aerospace is providing government and commercial customers a high-impact return on investment through its innovative situational intelligence technologies,” said Chris Shonk, Co-Founder and Partner, ATX Venture Partners. “There is no doubt Slingshot Aerospace will continue to experience high growth as the company has only scratched the surface in terms of customer acquisition and industry use across verticals.”
“Our mission is to invest in startups that are upending traditional industries with innovative technologies outside of Silicon Valley,” said David Hall, Managing Partner of Revolution’s Rise of the Rest Seed Fund. “Slingshot Aerospace’s innovation speaks for itself as the company has already brought in significant revenue while building its IP. We look forward to working with Slingshot Aerospace as it continues to scale operations and product development.”
“The funds we raise enable us to continue developing our innovative technology, bringing us one step closer to creating a safer and more sustainable world,” said David Godwin, Co-Founder and CEO, Slingshot Aerospace. “By providing users with the right data, at the right time, all in one place, we are giving users the tools they need to make faster, better informed decisions so they can protect and improve our way of life.”