AIBOT Secures First Distribution of $15 Million CalCompetes Grant, Demonstrating Significant Progress and Commitment to California

/EIN News/ -- – AIBOT receives its first distribution from its CalCompetes Grant award
– Significant achievements set stage for product reveal event later this Spring

LONG BEACH, Calif., May 02, 2024 (GLOBE NEWSWIRE) -- AIBOT, a pioneer in Electric Vertical Takeoff and Landing (eVTOL) technology, proudly announces the receipt of the first installment of the $15 million CalCompetes Grant awarded by the California Governor’s Office of Business and Economic Development. This funding milestone underscores AIBOT's successful completion of its 2023 goals set forth in the formal grant agreement for both growth and investment and reiterates its steadfast dedication to driving innovation and economic growth within California.

In 2023, AIBOT also achieved remarkable milestones that reflect the company's commitment and efficiency in advancing the eVTOL industry:

• Industry Partnership: In May 2023, AIBOT formed a partnership with Blade to explore optimizing organ and cargo transport operations, leveraging AIBOT's cutting-edge aiEVTOL technology for critical logistical solutions.
• Fundraising Success: In June, the company successfully completed its Founding II Fundraising, securing essential capital to fuel its continued innovation and expansion.
• Technological Breakthroughs: July marked a significant achievement with the successful demonstration of fully automated takeoff and landing technologies. In August our engineers continued testing our subsystems preparing for final assembly. Both are testaments to AIBOT’s engineering prowess.
• Advancing Technology with NASA: In October, AIBOT started collaborating with NASA to demonstrate System Identification technology developed by NASA on advanced eVTOL configurations, to accelerate AIBOT's flight testing and supporting NASA's mission to help the entire eVTOL industry.
• Collaboration with Honeywell: November saw the selection of Honeywell’s advanced flight control systems for use in AIBOT’s future manned aircraft, enhancing safety and operational efficiency by leveraging Honeywell’s rich heritage and profound expertise in aerospace technology.
• AIBOT 700 Flight Testing: Began flight testing of first production intent commercial aircraft in Q4 2023. So far, two complete rounds of flight testing have been completed, and the third round will be launched in May 2024.

Building on last year's success, 2024 has already seen AIBOT complete the design and build of its uncrewed production-intent version of the AIBOT 700. In April, AIBOT received its first pre-order deposit, signaling market confidence and anticipation for its innovative products.

"The receipt of this first portion from the California Competes award is not just a win for AIBOT but a win for California's economy and technological leadership," said Max Ma, President of AIBOT. "We are pleased to have fulfilled the commitments we made for 2023 and are grateful for the funding that enables us to accelerate our development and manufacturing efforts. We believe these combined factors will boost the confidence of our existing investors, attract future strategic and financial investors, and ultimately accelerate AIBOT's 2024 ambition to realize commercialization with a large, uncrewed autonomous aiEVTOL. This positions AIBOT to potentially become the first eVTOL company in the industry to generate revenue.”

Looking ahead, AIBOT is gearing up for an exciting phase in its journey. With strong strategic partnerships and the first distribution of grant funds, AIBOT is preparing for the commercial launch of the AIBOT 700 unmanned aiEVTOL aircraft. An official online product reveal event is slated for later this Spring, where AIBOT will showcase its readiness to revolutionize air mobility with its production-intent uncrewed aircraft.

About AIBOT

AIBOT is a California-based company with the vision to disrupt the next generation of mobility, transforming the aviation industry to usher in the AI, electric, and (direct to consumer) 2C era, making the freedom of flight an accessible reality anytime, anywhere for every household. AIBOT's mission is to create an AI-defined, software-driven, high-tech, high-performance, electric, internet-connected, and autonomous aiEVTOL aircraft and ecosystem.

Contacts

Investors: ir@aibot.ai
Media: media@aibot.ai