Israeli Drone Firm XTEND Merges With US Company, Lists on Nasdaq
Israeli drone company XTEND AI Robotics is completing its merger with the American firm JFB, and its stock will begin trading on the New York Stock Exchange on Friday, September 4, under the ticker symbol XTND. The merger values XTEND at $1.5 billion, based on an assessment by the American consulting firm Marshall & Stevens from February.
Founded in 2018 by brothers Aviv and Mateo Shapira, along with Adir Tobi and Ruby Liani, XTEND's origins lie in gaming technology. However, the founders pivoted their focus due to security challenges in Israel's Gaza border region. "When incendiary balloons from Gaza began threatening communities and fields in the Gaza envelope, the founders realized the technology they developed could do much more than a game, it could provide an immediate response to challenges that endanger human lives," the company stated. This led to the development of XTEND as a global "Physical AI" company, shifting from gaming to defense applications.
The company's core technology aims to extend human operational range without exposing individuals to danger, utilizing autonomous robotic workforces in hazardous environments. XTEND reports having deployed over 12,500 systems in more than 30 countries and five combat zones worldwide.
The merger and public listing were accompanied by a $152 million investment, with previous investors including Eric Trump, son of former U.S. President Donald Trump. The raised capital will fund XTEND's global manufacturing, product development, and efforts to meet growing customer demand.
"This is an exciting and defining moment for XTEND, and especially for the people who built it and believed in our path from the very beginning," said CEO Aviv Shapira. "Becoming a public company is a significant milestone in the journey that began less than a decade ago in Israel, and it allows us to accelerate growth, continue pushing the boundaries of technology, and bring our systems to more people, organizations, and missions worldwide."
