“Pardon the pun, but for Aspen, the sky’s the limit. “This is an excellent opportunity for the company to tap into public markets to raise money and fund future growth,” Birk said. To date, Aspen has raised nearly $50 million in private equity, including at least $8 million in SIC money channeled through Sun Mountain. The merger with AIRO and imminent prospect of public listing could place Aspen Avionics on a high-growth trajectory going forward, said Brian Birk of Santa Fe-based Sun Mountain Capital, which manages the New Mexico State Investment Council’s investments in local startup companies. Aspen Avionics’ GPS-backed Evolution Flight Display System has been installed on some 20,000 general aviation and small commercial planes and helicopters worldwide. The AIRO Group, in turn, announced in March that it’s exploring options for a public listing through a special purpose acquisition company, or SPAC, potentially putting AIRO Group members on a joint fast track to begin publicly selling stock as a single entity with a diverse array of operations. stock exchange.Īspen, a venture capital-backed firm that launched in 2004, merged last fall with the AIRO Group, which now unites nine diverse companies that are pooling their individual strengths in commercial and military markets for unmanned operating systems and aircraft. Homegrown Albuquerque firm Aspen Avionics has joined forces with the AIRO Group, a recently formed aerospace conglomerate that’s seeking to go public on a U.S.
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