XTI Aerospace, Inc., a pioneer in advanced Vertical Takeoff and Landing (VTOL), Powered-Lift aircraft solutions, has officially announced a a non-binding Memorandum of Understanding to acquire 30% fully-diluted equity interest in ReadyMonitor, LLC, a leading AI-powered, autonomous Drone-as-a-Service company.
According to certain reports, the stated deal is expected to close during Q1 2025. More on the same would reveal how XTI Aerospace retains an option to acquire remaining 70% of ReadyMonitor within 12 months of the original agreement.
As for what makes ReadyMonitor an ideal candidate for acquisition, the company happens to be the recipient of a first-of-its-kind Federal Aviation Administration (“FAA”) Certificate of Waiver of 14 CFR § 107.31, which is the requirement for “visual line of sight for aircraft operations.” In case you weren’t aware, this waiver makes it possible for small, unmanned aircraft (drones) to be launched and operated by ReadyMonitor without a human present, beyond the direct visual line of sight (BVLOS) of the remote pilot in command.
At present, the company is deploying Drone-in-a-Box (“DIAB”) assets for various organizations including utilities, security, infrastructure, and construction businesses.
“It is our singular mission at XTI Aerospace to deliver leading, business-focused solutions as we seek to shape the future across the Powered-Lift category,” said Scott Pomeroy, CEO of XTI Aerospace. “Expansion into autonomous, remotely operated drones is foundational to our strategic vision that incorporates unmanned VTOLs along with our uniquely configured TriFan 600 aircraft. By combining drone technology with VTOL innovation, we believe we’re positioning XTI to accelerate the development of both UAV and VTOL solutions, expanding our market presence, and creating new opportunities across multiple industries.”
Talk about what’s the benefit of monitoring these assets from a centralized and remote location, the list begins from its 100% turnkey nature. This allows customers to avoid capital expenditures for drone equipment, and at the same time, enjoy access of data obtained from drones that are operated remotely by professional ReadyMonitor pilots.
Next up, we have the prospect of conducting a remote autonomous operation. You see, ReadyMonitor deploys drones, which are piloted from ReadyMonitor’s 24/7 state-of-the-art Operations Center. The said pilot is markedly instigated through the company’s self-contained landing “boxes”.
Then, there is the potential to access best-in-class technology-enabled DIAB solutions that, on their part, are designed to meet specific customer needs.
“This Transaction will allow for collaboration between ReadyMonitor and XTI in a way that uniquely captures the opportunity presented by Powered-Lift operations,” said Torres Declet, Co-Founder and CEO of ReadyMonitor. “The artificial intelligence powering ReadyMonitor’s autonomous drones leverages advanced machine learning algorithms and computer vision to enable real-time decision-making, obstacle avoidance, and mission optimization without human intervention. In our Drone-as-a-Service and Drone-in-a-Box operations, AI facilitates seamless remote monitoring by automating flight paths, analyzing collected data for actionable insights, and ensuring continuous and efficient operations.”
Rounding up highlights is the ReadyMonitor promise to provide cost savings, predictability, and reliability. You see, customers who choose to leverage the company’s technology are required to bring in zero CapEx impact. Not just that, they also don’t have the bear the responsibility of hiring and training pilots, something which can dramatically shorten the sales cycle. This is because ReadyMonitor offers both all inclusive (hardware, software, service) and customer owned (software, service) subscription packages supported by 24/7 ReadyMonitor operators, ensuring availability, reliability, predictability, and safety.
Making the given acquisition even more important is XTI Aerospace’s own stature. An example relaying the same is rooted in how the company is currently developing the TriFan 600, a fixed-wing business aircraft designed to have the vertical takeoff and landing capability of a helicopter, speed of 345 mph, and a range of 700 miles.
“Together, we can advance the technology of AI-powered, autonomous drones and piloted and unmanned VTOLs, meeting critical customer needs across a wide variety of use cases, ranging from remote monitoring of important assets to air taxis, medevacs, and regional transportation,” said Mr. Stepler, Co-Founder and President of ReadyMonitor.
