Space, Aviation, and Innovation, Fundings: Dephy, Dili, YouSolar
21 February 2024 - A Weekly Publication by New North Ventures
We are excited to spotlight our portfolio company, Beacon AI, a leading artificial intelligence start-up specializing in flight safety and efficiency. Recently, Beacon AI secured a $1.25 million Phase II Small Business Innovation Research contract with the United States Air Force AFWERX program, showcasing its excellence in the field.
This collaboration with AFWERX, the innovation arm of the Department of the Air Force, underscores Beacon AI's pivotal role in pioneering artificial intelligence in military aviation. The company's copilot system utilizes advanced algorithms and software engineering to provide real-time, data-driven insights and predictive analytics, empowering pilots to make informed decisions faster and more accurately.
Beacon AI's CEO and Founder, Matt Cox, emphasizes the company's hyperfocus on pilot assistance capabilities, derived from a deep understanding of aviation and relevant software experience. Backed by New North Ventures and other notable investors like Sam Altman and JetBlue Ventures, Beacon AI is dedicated to advancing the future of flight and making aviation operations safer and more efficient for both commercial and defense sectors.
There is a parallel between Moore's Law, which describes the exponential growth in computing power, and a similar trend observed in the space industry. In the space industry, the number of spacecraft launched annually has been doubling every two
Over the past eight years, the number of spacecraft launched annually has doubled every two years, with tens of thousands more planned for the future.
Most of this growth is in low Earth orbit (LEO), driven largely by commercial entities like SpaceX, which has deployed thousands of Starlink satellites. The author suggests that this exponential increase, similar to Moore's Law, is influenced not only by technological advancements but also by economic factors, leading to cost reductions and the viability of new business plans.
However, the potential consequences include exacerbating the space debris issue, security challenges, and impacts on ground-based astronomy. The author calls for consideration of how this trend will affect space-related industries and the need for regulations to address the associated challenges.
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Founded: 2016
Key People: CEO Luke Mooney
Elevator Pitch: Performance-enhancing wearable robotics technologies designed for human augmentation.
Funding: The company raised an undisclosed amount of seed funding from DefinanceX, Paka Fund, and FutureMoneyGroup on February 19, 2024, putting the company's post-valuation at $40 million.
Founded: 2023
Key People: CEO Stephanie Song
Elevator Pitch: An artificial intelligence-powered data room platform designed for capital markets deals.
Funding: The company raised $3.6 million of venture funding from Allianz Life Insurance Company of North America, NVO Capital and Litquidity Capital on February 19, 2024.
Founded: 2013
Key People: CEO Arnold Leitner Ph.D
Elevator Pitch: Rooftop solar-power systems designed to save electrical energy and decrease energy wastage.
Funding: The company is in the process of raising $15,000 of equity crowdfunding via StartEngine as of February 16, 2024.
Look for a new episode of Securing the Future Podcasts wherever you listen. In our most recent episode, we have Aaron Brown, associate founder of 2430 Group, sit down with General Partner Stephanie Usry Bellistri for an engaging conversation about the intersection of technology and national security and the changing nature of intelligence work.
