- Sidus Space, a satellite manufacturing and space services company, has acquired Exo-Space, a California-based firm specializing in Edge Artificial Intelligence (AI) for space applications.
- The acquisition aims to expand Sidus’s offerings in the Earth and Space Observations services market, leveraging Exo-Space’s advanced AI capabilities.
Sidus Space Expands Horizons with Exo-Space Acquisition
CAPE CANAVERAL, Fla., Aug 22, 2023 – In a move that underscores its commitment to pioneering space technology, Sidus Space (NASDAQ: SIDU) announced its strategic acquisition of Exo-Space, a leading California-based firm renowned for its Edge Artificial Intelligence (AI) software and hardware tailored for space applications. This acquisition is a testament to Sidus’s ambition to delve deeper into the burgeoning AI sector and broaden its offerings in the Earth and Space Observations services market.
A Fusion of Expertise
Sidus’s acquisition of Exo-Space is not just a merger of two companies but a fusion of expertise. With this transaction, Sidus has acquired Exo-Space’s assets through a combination of cash, stock options, and performance bonus incentives, marking Sidus’s evolution into an AI-enabled space services powerhouse. Exo-Space’s current portfolio, which includes a revenue stream from commercial and government contracts extending through 2025 and a promising pipeline of potential clients, is expected to bolster Sidus’s earnings before interest, taxes, depreciation, and amortization (EBITDA).
Carol Craig, Founder and CEO of Sidus Space, expressed her enthusiasm about the acquisition, stating, “This accretive acquisition expands our talent, technology, and total addressable market. Along with sales contracts and existing AI technology, the transaction includes the acquisition of Exo-Space’s collective experience in AI and machine learning. This transaction provides the opportunity for us to enhance our presence in the Earth and Space Observations markets by providing actionable solutions for our customers’ needs as opposed to just raw data. The integration of Exo-Space EdgeAI technology with Sidus’ sensors provides significant value and transformative potential across various domains.”
Redefining Space-Based AI
Exo-Space has carved a niche for itself in the domain of U.S. owned Edge AI computing, focusing on both software and hardware solutions for space assets that leverage faster processing speeds. This expertise complements Sidus’s established relationships with U.S. DoD/Intelligence.
Jared Novick, Senior Vice President of Strategy & Special Projects at Sidus, highlighted the value proposition of the acquisition, noting, “Exo-Space’s combination of space hardened hardware and resilient software made this an attractive acquisition in creation of value to both our customers and shareholders. The concept of offering customers a special ‘rideshare’ opportunity with a software platform to upload, change, and improve analytics of payloads onboard is a forward-thinking and innovative approach. This idea aligns with the increasing demand for flexibility and customization in satellite missions and data collection.”
Jeremy Allam, Chief Executive Officer of Exo-Space, echoed the sentiment, emphasizing the synergies between the two companies. “By joining the Sidus team and integrating our AI capabilities into LizzieSat, we can now better deliver the benefits of space-based AI to more customers and on a shorter timeline than was previously possible.”
A New Era in Space Technology
With this acquisition, Sidus Space cements its position at the forefront of the space technology sector, poised to harness AI advancements to redefine the acquisition and utilization of space-derived data.
About Sidus Space: Sidus Space is a leading Space Data-as-a-Service satellite company headquartered in Cape Canaveral, Florida. With a mission of Bringing Space Down to Earth™, Sidus Space is dedicated to providing end-to-end satellite support and advanced space solutions. More information can be found at www.sidusspace.com.
