BOCA RATON, Fla., March 08, 2021 (GLOBE NEWSWIRE) -- Xeriant, Inc. (OTC PINK: XERI), a new aerospace technology holding company, announced today that it has signed a letter of intent to form a strategic alliance with Mente Systems Inc. (DBA TheIncLab), an award-winning artificial intelligence (AI) company based in McLean, Virginia, and a leading innovator in the development of AI-enabled systems focused on the human experience, called AI+X. As part of the agreement, Xeriant plans to make a strategic investment in TheIncLab as it expands its operations and array of technology products.
Established in 2015, TheIncLab designs and builds rapidly deployable, intelligent systems that optimize the interface between humans, technology, data and the environment, serving Fortune 500 companies in a wide range of industries, including aerospace and defense customers. Among its clients are the U.S. Navy’s Office of Naval Research and Special Operations Command, the Johns Hopkins Applied Physics Laboratory, Samsung, NuVasive and Corning. Xeriant plans to work with TheIncLab to assess and maximize the impact of disruptive aerospace technologies and develop a strategy for accelerating their path to integration and commercialization, including advanced VTOL (vertical takeoff and landing) vehicles, a particular area of focus and expertise shared by both companies.
“TheIncLab has an unparalleled record of developing innovative, AI-powered solutions to improve enterprise functions, and having them as a strategic partner will be a critical asset as we move forward and expand our portfolio of acquisitions. We plan on using AI-based modeling as a decision-making support arm to evaluate technologies, product lifecycles, intellectual property, business valuations, sales projections, market size, synergies and risk profiles related to future acquisitions. Their involvement with the aerospace and defense sector brings invaluable insight as we begin to explore AI-based generative design, engineering and prototyping for new aircraft concepts,” commented Keith Duffy, CEO of Xeriant, Inc.
TheIncLab is continuing its work on prototyping cockpit concepts and AI-enabled systems for the Future Vertical Lift (FVL) program, a research and development initiative dedicated to the modernization of the U.S. Armed Forces’ vertical lift fleet, initially targeting the replacement of the Black Hawk helicopter by 2035. The goal of FVL is the design and development of next-generation, technologically advanced manned and unmanned VTOL-capable aerial vehicles with improved maneuverability, range, speed, payload, survivability, reliability, and reduced logistical footprint compared with existing military helicopters.
“As a strategic partner, Xeriant can achieve cross-pollination of technologies across its many organizations, allowing for stronger cohesion and gains across its network of companies. Our AI experience with evaluating and integrating emerging technologies sets the stage for a valuable and mutually beneficial relationship between TheIncLab and Xeriant. Through our talented multi-disciplinary team, we leverage the power of AI to deliver tangible solutions and business value to our clients,” stated Adriana Avakian, Founder and CEO of TheIncLab.
The role of AI in the aerospace industry continues to expand as companies streamline business processes and integrate new and transformative technologies. AI harnesses the power of digitization and data analytics to drive efficiency and innovation, augmenting and extending human capabilities in a range of aerospace applications impacting everything from supply chain management to customer relations. According to a July 2020 report by Grand View Research, the global artificial intelligence market size was valued at USD $39.9 billion in 2019 and is expected to reach USD $733.7 billion by 2027, expanding at a CAGR of 42.2%. PwC estimates that AI will generate over $15 trillion in global GDP gains over the next decade, with half the gains coming from increased worker productivity.
About Mente Systems Inc. (TheIncLab)
Founded in 2015, TheIncLab is the first human-centered artificial intelligence experience (AIX) lab. TheIncLab's award-winning, multi-disciplinary team is focused on designing and developing AI-enabled systems that learn and collaborate with humans. The company offers its clients comprehensive capabilities for rapid ideation, software development and building of smart systems and hardware solutions. Its open, scalable AI architecture approach, combined with years of experience in interactive engineering and emerging technology innovation, allows for rapid prototyping and deployment of transformational concepts, products and solutions designed to work with meaningful human interaction, effectively bridging the gap between humans and intelligent systems. TheIncLab’s MenteAI product, an open edge framework, allows companies to quickly innovate and build custom interfaces that bridge and augment the interaction of people with AI- enabled systems. Adriana Avakian was recently named to the 2021 Forbes Next1000 List of Upstart Entrepreneurs who are Redefining the American Dream.
About Xeriant
Xeriant, Inc. (d.b.a. Xeriant Aerospace) is a holding and operating company focused on acquiring, developing, and commercializing revolutionary, eco-friendly technologies with applications in aerospace, including innovative aircraft concepts targeting emerging opportunities within the aviation industry. In 2019, Xeriant acquired a unique, scalable, multi-purpose VTOL aerial platform called Halo, which is protected under a broad utility patent. Xeriant is located at the Research Park at Florida Atlantic University in Boca Raton, Florida adjacent to the Boca Raton Airport. The Company is an OTC Markets public company trading under the stock symbol, XERI.
For more information, please go to www.xeriant.com
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XERIANT, INC. CORPORATE
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