The COVID-19 pandemic and the “new normal” economic environment represents a massive challenge for the aviation industry. At the same time, the crisis offers an exceptional opportunity for creative startups to help reboot and redefine the transportation industry
TAMPA, Fla. (PRWEB) June 01, 2020
AirNav Systems, a global flight tracking and monitoring company, announced its partnership with BrightCap Ventures, an early-stage tech-focused venture capital firm to launch a new funding program for start-up ventures anxious to leverage ADS-B data and technology solutions.
Selected start-ups will address the various challenges in the field of flight safety, ground and flight operations enhancements, aircraft health monitoring, aircraft operating conditions, UAV operations, and anti-UAV systems by utilizing innovative technology solutions that rely on ADS-B data.
The goal of such ventures should be to develop commercial applications of ADS-B data that will enhance aviation safety and/or develop meaningful insights for aviation/aerospace industry leaders. BrightCap seeks innovative technology companies that address solutions with large market potential.
The partnership aims to identify start-ups worldwide via a rigorous selection process that includes an in-depth review of each potential company, along with the product’s unique value proposition, market size, and potential competitors. AirNav Systems LLC will work closely with BrightCap Ventures during the review and evaluation process.
Selected startups will receive up to €200,000 equity funding from BrightCap Ventures. In addition to the capital and mentoring/oversight of BrightCap, these startups will also be given the opportunity to collaborate with AirNav Systems LLC to utilize the company’s available historical and real-time tracking data in order to best develop the technology solutions that exhibit both engineering maturity and go-to market capabilities. Upon further progress with product commercialization, BrightCap Ventures can invest up to €3,500,000 in selected startups as part of further Seed/Series A rounds.
“Given the current state of our economic world due to the Coronavirus pandemic – particularly in the aviation industry – businesses may very well need non-standard solutions to revive operations as quickly as possible at low costs,” said Andre Brandao, President of AirNav Systems LLC. "This partnership will enable us to extend the reach of our technology capabilities even further. As a team made of computer science engineers and airline pilots we are thrilled to support these kind of innovations for the industry.”
“The COVID-19 pandemic and the “new normal” economic environment represents a massive challenge for the aviation industry. At the same time, the crisis offers an exceptional opportunity for creative startups to help reboot and redefine the transportation industry,” said Georgi Mitov, Managing Partner at BrightCap Ventures. “Many successful companies are born during turbulent times. The new economic outlook will encourage companies to look for smart and cost-efficient ways to run their operation. Our partnership with AirNav will allow startups to benefit from our entrepreneurial experience and leverage the benefits which Bulgaria has to offer as R&D destination - helping startups develop world-class products with excellent talent at a competitive cost.”
Companies interested in being considered should visit https://www.radarbox.com/challenge to obtain the information needed to submit a proposal. The parties may end this program without further notice. The goal of the partnership program is to identify several high-growth potential companies that can leverage ADS-B technology and data from AirNav Systems, and capitalize on pre-seed or seed round investment of BrightCap Ventures.
About AirNav Systems LLC
AirNav Systems LLC is the industry leader focused on aircraft tracking solution using in-house built ADS-B hardware and software components. Based in Tampa, Florida, with a research and development center in Europe, our business operations include providing related data to aviation service providers worldwide. For more information visit https://www.radarbox.com/about
About BrightCap Ventures
BrightCap Ventures is an early-stage, tech-focused VC fund registered in the Netherlands with its main office in Sofia, Bulgaria. BrightCap invests in startups with defensible technology and aggressively pushes them to pursue global market domination while maintaining a sizable part of their engineering in Bulgaria. Since establishing BrightCap in 2018, the fund has made eight investments and one exit (to Vista Equity Partners company). Portfolio companies benefit from the extensive entrepreneurial and investment experience of the partners and a strong list of advisors in Israel and Silicon Valley.
For more information visit https://brightcap.vc/