ASX Launches Seed Equity Round; Will Revolutionize Personal Air Travel With Green and Affordable Urban Air Mobility

DETROIT, May 7, 2019 /PRNewswire/ -- Airspace Experience Technologies (ASX), an aviation technology start-up, is re-imagining personal air transportation with the mission to offer urban commuters a cleaner, faster and affordable transportation alternative in support of Uber Technologies Urban Air Mobility program, UberAir.

From its headquarters at the historic Detroit City Airport, the ASX team is developing an electric vertical take off and landing tilt-wing (eVTOL) aircraft affectionately dubbed MOBi-One. The goal is to produce and operate fleets of safe and reliable aircraft that will make smart cities even smarter, vastly reduce commute times while producing zero operational emissions.

ASX is launching a side-by-side Regulation CF and Regulation D Series Seed funding campaign with its partner SeedInvest — a leading equity crowdfunding platform that offers its network of investors vetted investment opportunities. Proceeds of the seed round will be used to acquire key automotive EV technology, build a series of full-scale prototype and initiate Federal Aviation Administration (FAA) certification.

"SeedInvest is disrupting the financial services industry just as ASX is disrupting mobility, and we were proud to be accepted through SeedInvest's rigorous evaluation process," said Jon Rimanelli, co-founder and CEO of ASX.

ASX is planning to deliver 2,500 aircraft by 2025, with cargo deliveries starting in 2023 and passenger service by 2024.^[1] Based on a recent study, traffic congestion cost Americans nearly $87 billion in 2018, or an average of $1,348 per driver.^[2] The solution is elevating commuters to the sky with electric vertical take-off and landing aircrafts.

Founded in 2017 by Jon Rimanelli, Dr. Anita Sengupta, and JP Yorro, the ASX team is made up of seasoned NASA technologists, aviation and automotive experts, market enablers, and logistics leaders.

ASX has built and flight-tested five subscale concept vehicles, and achieved a major milestone in in the fourth quarter of 2018 by optimizing controls and demonstrating vertical and plane mode flight. ASX is now ready to begin the full-scale production design and commercial certification process for MOBi-One.

"Our vision is to move you up to five times faster than driving for the same cost per mile — giving you more time to be productive," said Rimanelli. "By leveraging our deep knowledge of automotive EV technology, mass production, aviation and deep space reliability, we will make personal air travel more affordable for everyone."

Equipped with proven zero-emission electric propulsion and broadband 'V2X' vehicle-to-vehicle connectivity, a fully-electric MOBi-One will deliver an estimated range of 100 miles and a cruising speed of 150 mph, giving it the ability to reduce a 60 minute commute to 15 minutes or less for the price of a ground vehicle for hire (one pilot, four passengers). With a hybrid propulsion system, MOBi-One is capable of up to 300 miles of range for regional travel and cargo utilizing the nation's general aviation airports. 

"Studies estimate that by 2035, global air travel based inspections, goods, and passenger services has the potential to be a $74 billion market," said Sengupta, co-founder and chief product officer at ASX. "Passenger transportation will be more than 40 percent of that market opportunity."

About ASX
Airspace Experience Technologies (ASX) is an aviation start-up re-imagining personal air transportation for everyone by offering eco-friendly, quiet, and connected eVTOL aircraft that leverage the perfect fusion of automotive innovation and aviation technology. Designed, developed, and built in Detroit, Michigan, ASX will help drive sustainable change and growth in the city and region by creating hundreds of new jobs and training opportunities for skilled professionals. For more information, visit ASX at www.iflyasx.com

About SeedInvest
SeedInvest is a leading equity crowdfunding platform that provides individual investors with access to pre-vetted startup investment opportunities. SeedInvest has funded over 150 startups and boasts a rapidly growing network of over 200,000 investors. SeedInvest has had over 25,000 startups apply to raise capital since inception and has only accepted 1% of those companies to feature on the platform. For more information, visit www.seedinvest.com

Disclaimer: Airspace Experience Technologies Inc. is offering securities under Regulation CF and Rule 506(c) of Regulation D through SI Securities, LLC ("SI Securities"). The Company has filed a Form C with the Securities and Exchange Commission in connection with its offering, a copy of which may be obtained at https://www.seedinvest.com/asx.

^[1] Timing is contingent upon additional capital infusions and FAA certification.
^[2] INRIX, 2018 Global Traffic Scorecard

Contact: [email protected]

SOURCE Airspace Experience Technologies (ASX)

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