12/19/2023 0 Comments Airo industries company“The emergence of drone technology and a maturing regulatory environment to start flying cargo and passengers encouraged us to move forward with the AIRO Group,” Uczekaj said. Those areas will remain central to Aspen’s business model going forward, but through AIRO, it will now expand its avionics expertise into rapidly-emerging UAS markets, Uczekaj said. Until now, Aspen had focused fairly exclusively on the general and business aviation sectors, first as a pioneer in the shift to digital systems, and then as a go-to brand in what’s now a well-established analog-to-digital evolution in the aerospace industry. The AIRO Group is focused on three high-growth sectors in the commercial aerospace and defense industries, including drone and urban-air-mobility technology, advanced avionics, and products and training for military systems. Now, by merging with the AIRO Group, Aspen is broadening its markets to aggressively enter the unmanned aerial systems, or UAS, space for both commercial and military aircraft. Our customers are not choosing to replace us with competitors.” “In today’s world, brand still means something. “We’ve built real loyalty, with almost 100% uptake on our upgrades by existing customers,” Uczekaj said. Its Evolution Flight Display System, or “glass cockpit,” offers a full suite of real-time data on things like altitude, air speed and weather, plus navigational data to increase a pilot’s situational and terrain awareness with photo-quality moving maps and traffic displays. Aspen Avionics President and CEO John Uczekaj It developed some of the industry’s first digital flight displays as drop-in replacements for aging mechanical gauges and controls, allowing general and commercial aircraft owners to install modern cockpit panels at an affordable price. The company is a pioneer in the global transition from analog systems to digital avionics for small commercial and general aviation aircraft. It’s been a long road for Aspen, which has grown over 17 years from a startup into a well-established avionics firm with national and international brand recognition. “Their backing has been critical to getting us to where we are today.” “For now, things remain as they are, but when we go public, it will provide exit opportunities for our venture capital investors who have stuck with us through both good times and difficult periods,” Uczekaj told the Journal. Others may decide to stay on as Aspen grows in new markets. Going public would provide an “exit” opportunity for Aspen’s venture backers if they choose to recover their original investments in the company with potentially significant returns, said Aspen president and CEO John Uczekaj. We’re very excited about the prospects.”Īspen Avionics GPS-backed Evolution Flight Display System “Pardon the pun, but for Aspen, the sky’s the limit. “This is an excellent opportunity for the company to tap into public markets to raise money and fund future growth,” Birk said. To date, Aspen has raised nearly $50 million in private equity, including at least $8 million in SIC money channeled through Sun Mountain. The merger with AIRO and imminent prospect of public listing could place Aspen Avionics on a high-growth trajectory going forward, said Brian Birk of Santa Fe-based Sun Mountain Capital, which manages the New Mexico State Investment Council’s investments in local startup companies. Aspen Avionics’ GPS-backed Evolution Flight Display System has been installed on some 20,000 general aviation and small commercial planes and helicopters worldwide. The AIRO Group, in turn, announced in March that it’s exploring options for a public listing through a special purpose acquisition company, or SPAC, potentially putting AIRO Group members on a joint fast track to begin publicly selling stock as a single entity with a diverse array of operations. stock exchange.Īspen, a venture capital-backed firm that launched in 2004, merged last fall with the AIRO Group, which now unites nine diverse companies that are pooling their individual strengths in commercial and military markets for unmanned operating systems and aircraft. Homegrown Albuquerque firm Aspen Avionics has joined forces with the AIRO Group, a recently formed aerospace conglomerate that’s seeking to go public on a U.S.
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