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AI innovation, application make life 'smarter'

AI innovation, application make life 'smarter'
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AeroVironment Acquires Artificial Intelligence Specialist, Intelligent Systems Group for $30M


AeroVironment Acquires Artificial Intelligence Specialist, Intelligent Systems Group for $30M
Our Bureau
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AeroVironment said it acquired Progeny Systems Corporation’s Intelligent Systems Group (ISG) for $30 million earlier this week.
Under the terms of the transaction, AeroVironment acquired ISG for $30 million in cash and an earnout for Progeny Systems Corporation of up to $6 million over three years, based on the achievement of specific performance targets.
The ISG team will merge with AeroVironment’s MacCready Works Advanced Solutions team. The ISG facility in Virginia will now operate as AeroVironment’s new Artificial Intelligence Innovation Center. The ISG team will collaborate with teams across AeroVironment to integrate cutting-edge technologies into the company’s growing offering and solution roadmap. For example, new artificial intelligence and perceptive autonomy capabilities from ISG will enable AeroVironment’s unmanned systems to ide ....

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AeroVironment Acquires Progeny Systems Corporation's Intelligent Systems Group

AeroVironment Acquires Progeny Systems Corporation's Intelligent Systems Group
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AeroVironment Acquires Progeny Systems Corporation's Intelligent Systems Group - sUAS News


24 February 2021
AeroVironment, Inc. (NASDAQ: AVAV), a global leader in unmanned aircraft systems (UAS), today announced it has acquired Progeny Systems Corporation’s Intelligent Systems Group (ISG), a leader in the development of artificial intelligence-enabled computer vision, machine learning and perceptive autonomy technologies and provider of related services to United States government customers. The acquisition will significantly accelerate AeroVironment’s development of advanced autonomy capabilities for the company’s growing portfolio of intelligent, multi-domain robotic systems, increase customer-funded research and development revenue and broaden its advanced engineering services offering to defense and commercial customers. Under the terms of the transaction, AeroVironment acquired ISG for $30 million in cash and an earnout for Progeny Systems Corporation of up to $6 million over three years, based on the achievement of specific performance target ....

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