Michael Zacharski: Yeah, it was both to grab great IP, as well as to maximize on some of the
relationships with the universities. So we have a collaboration with Korea University. Really excited about the work that were able to fund there, as well as the IP that comes out of it. Its certainly helped accelerate our flywheel and
provide state-of-the-art solution.
And we also wanted to make sure that what we bring to market is best of breed technologically. And so the places where we found that best of breed technology
was with one of the acquired companies.
And that plus our foundational patent portfolio around different signal mixing, signal processing, really gave us
a strong moat in terms of making sure that what were building and the solutions were providing to the market are both practical, theyre commercial, but also making sure we have a strong moat protecting our IP as we go to market.
Marlena Haddad: Got it. So just going off of that, what made you decide that now was a good time to go public? And why through a SPAC?
Michael Zacharski: Yeah, absolutely. I think first and foremost, its the DHCA team. For myself, Ive known of Chris for a long time and been
very impressed with his work, as well as the team behind DHCA. So not only very accomplished business people, all very well-connected on government and military side, and they bring a lot of that team vision and collaboration to all their projects.
Weve seen it here. So I would say first of all, its the opportunity to work with DHCA and then the team there is definitely on the list.
We
also see a big opportunity in allowing investors to participate in AI. There are not a lot of choices out there today, a very limited number. And so we see that as a strength of giving investors the opportunity to participate in these technologies
now, while its still early, and to have the benefit of making those investments as both the market moves forward and we move forward in our business.
Also, obviously opportunity to capitalize the business. So thats definitely on the list. And we also see it as a leg of defense around our patent
portfolio, to ensure that folks know who we are and that we have real tech where its defensible, and really show the market what were able to do through all those different ways.
So we think its a great moment for us to do this now, and definitely the right team to take us through the process.
Nick Clayton: Great. And as you know Chris, not all SPAC deals are the same despite how the financial press may talk about them sometimes. But here at
the SPACInsider podcast, we always like to get into some of those details in terms of how the SPAC sponsor is supporting the deal.
And with this one,
starting with the PIPE, how did you manage to get some strategic capital involved in that? And what was the process like? Because we know that the PIPE markets been very tight this year.
Chris Gartner: It certainly has. And I think one of the issues with the SPAC deals is not the instrument, its the target companies themselves.
The vehicle, again, being a banker for 30 years, the vehicle I think works. The question is whats the underlying asset?
And so in the case of BEN,
he was able to attract capital because of what the company does and the value prop. It was very clear, and look, I dont want to overstate the companys position, but this product sells itself with regards to the value that it can bring
the end customers.
And so when the strategic saw the product demo, theyre in a space, in the auto space, thats being disrupted. We all know
what Tesla is doing, but aside from that, the whole dealership network needs to respond to, as Michael mentioned, the labor shortage, the way that vehicles are being priced, the dealers, the OEMs trying to do more direct sales. This is a market
segment thats going to change.
And when they saw the leverage that BEN could bring to their own business, and AFG felt that they understood, that
customer being in that business for 25 plus years, how it could revolutionize the many different parts of the interaction with the customer as well as the auto dealerships operations, they said we have to be part of this, because if were not,
the industrys going to pass us by.