Austin-based machine learning and aerospace company Slingshot Aerospace has secured $5 million in seed funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced April 17 and led by ATX Venture Partners.
According to its Crunchbase profile, "Slingshot is builds a next generation of satellite, aerial, and drone signal processing AI and analytics capabilities. Slingshot is a cutting-edge leader in providing the next generation of signal processing AI. Their solutions and geospatial insights allow customers worldwide to make valuable decisions utilizing Earth Observation data, the world’s largest untapped data source, and other ancillary data sources."
The three-year-old startup has raised two previous funding rounds, including a $3.2 million seed round in 2017.
The round brings total funding raised by Austin companies in software over the past month to $12 million. The local software industry has seen 122 funding rounds over the past year, capturing a total of $1.3 billion in venture funding.
In other local funding news, artificial intelligence and information services company Imandra announced a $5 million seed funding round on April 18, led by AlbionVC.
According to Crunchbase, "Imandra Inc. is an AI startup developing Imandra™, the cloud-scale automated reasoning system bringing rigor and governance to the world's most critical algorithms. As our reliance on complex software grows, deep advances in AI are required to ensure the algorithms we rely on are safe, explainable and fair. Imandra's Reasoning as a Service™ platform is leading the way."
Founded in 2014, the company has raised three previous rounds, including a $1.2 million pre-seed round in 2017.
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