XTI Aerospace has entered into a non-binding Memorandum of Understanding to acquire a 30% equity stake in ReadyMonitor, a prominent Drone-as-a-Service company.
ReadyMonitor has obtained a Federal Aviation Administration Certificate of Waiver that permits its drones to operate beyond the visual line of sight without human presence. This enables the company to conduct drone operations remotely, expanding service capabilities in various sectors.
Scott Pomeroy, Chief Executive Officer of XTI, stated, "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. 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. This Transaction will combine the innovation and experience of the XTI and ReadyMonitor teams; ReadyMonitor is poised to accelerate revenue realization in 2025."
Brandon Torres Declet, Co-Founder and Chief Executive Officer of ReadyMonitor, commented on the collaboration, "This Transaction will allow for collaboration between ReadyMonitor and XTI in a way that uniquely captures the opportunity presented by Powered-Lift operations. 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. We expect application of AI and our approach to real-time, mission-critical decisions to benefit XTI in progressing next-generation VTOL technology."
Jesse Stepler, ReadyMonitor's Co-Founder and President, added further insights, saying, "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. ReadyMonitor and XTI leadership collectively understand that the power of this technology is unlocked by meeting specific customer needs through application of our combined resources; it's about execution and we have the winning formula."
ReadyMonitor is currently deploying its Drone-in-a-Box assets to large enterprises such as utilities, security, and infrastructure companies, allowing for remote asset monitoring. This offers significant benefits including cost savings and operational efficiency, as customers do not need to invest in drone equipment directly or train pilots.
Jeremy Schneiderman, Chief Executive Officer of DroneNerds, expressed support for ReadyMonitor, stating, "We partnered with and have been investing in ReadyMonitor because we have a long-standing relationship with their experienced management team and ReadyMonitor is making the ability to capture the benefits of drone technology easy and lucrative for customers, enabling businesses to have an instant live view of their assets and operations, anywhere and anytime."
"Not only can we make certain that the best technology for ReadyMonitor and now XTI customers is available; with DroneNerds invested in ReadyMonitor, we have a vertically integrated approach, enhanced by providing drones remotely monitored by ReadyMonitor as a service; this should immediately be recognized as a dominant position by the industry."
The transaction is subject to final agreements and requisite approvals, and it is anticipated to enhance XTI Aerospace's portfolio in the Powered-Lift sector as well as advance its VTOL technology efforts.
