ASI raises US$325 million to expand AI for physical operations
Spark Capital led the Series C round, which valued the Boston company at US$3 billion as it expands into energy, logistics and military field operations.
Boston-based AI company ASI said it raised US$325 million at a US$3 billion valuation, with plans to expand its work in energy, logistics and military field operations. The funding will also support larger research and engineering teams in Boston.
Spark Capital led the Series C financing. Other participants included Meritech Capital, Craft Ventures, Energy Impact Partners, Andreessen Horowitz and affiliates of Citadel Securities. Bloomberg reported that ASI previously operated as Air Space Intelligence.
ASI develops software that models conditions in aviation, electricity networks and military operations to help operators anticipate problems. Its customers include Delta Air Lines, United Airlines and Alaska Airlines. National Grid uses its systems for electricity network planning and operations.
The Federal Aviation Administration awarded ASI a US$875 million air traffic contract in June. Reuters reported that the agreement covers 12 years. The system draws on weather information, aircraft routes and controller staffing to forecast congestion and recommend ways to reduce delays.
The FAA began using the technology around Washington in September and plans a nationwide expansion. Separately, the US Army awarded ASI a US$99 million, five-year contract in October for its next-generation command and control program.
