spac-tacular move

Texas entrepreneur's SPAC announces merger with tech company in deal valued at $100 million

SportsMap Tech Acquisition Group will merge with the Beaumont infrared camera company in 2023.

Photo courtesy of Gow Media

A Houston SPAC, or special purpose acquisition company, has announced the company it plans to merge with in the new year.

Beaumont-based Infrared Cameras Holdings Inc., a provider of thermal imaging platforms, and Houston-based SportsMap Tech Acquisition Corp. (NASDAQ: SMAP), a publicly traded SPAC with $117 million held in trust, announced their agreement for ICI to IPO via SPAC.

Originally announced in the fall of last year, the blank-check company is led by David Gow, CEO and chairman. Gow is also chairman and CEO of Gow Media, which owns digital media outlets CultureMap, InnovationMap, and SportsMap, as well as the SportsMap Radio Network, ESPN 97.5 and 92.5.

The deal will close in the first half of 2023, according to a news release, and the combined company will be renamed Infrared Cameras Holdings Inc. and will be listed on NASDAQ under a new ticker symbol.

“ICI is extremely excited to partner with David Gow and SportsMap as we continue to deliver our innovative software and hardware solutions," says Gary Strahan, founder and CEO of ICI, in the release. "We believe our software and sensor technology can change the way companies across industries perform predictive maintenance to ensure reliability, environmental integrity, and safety through AI and machine learning.”

Strahan will continue to serve as CEO of the combined company, and Gow will become chairman of the board. The transaction values the combined company at a pre-money equity valuation of $100 million, according to the release, and existing ICI shareholders will roll 100 percent of their equity into the combined company as part of the transaction.

“We believe ICI is poised for strong growth," Gow says in the release. "The company has a strong value proposition, detecting the overheating of equipment in industrial settings. ICI also has assembled a strong management team to execute on the opportunity. We are delighted to combine our SPAC with ICI.”

Founded in 1995, ICI provides infrared and imaging technology — as well as service, training, and equipment repairs — to various businesses and individuals across industries.

---

This article originally appeared on our sister site InnovationMap.

Self-driving Roller Coaster

More self-driving cars expected to roll out in Austin for 2025

Photo courtesy of Waymo via KVUE

Various brands offering self-driving cars are on-and-off in Austin.

Expect to see more self-driving rideshare vehicles, also known as robotaxis, on Austin roads next year.

Robotaxi company Waymo, which you may have already seen on Austin's roads, is partnering with Uber. At some point next year, customers will be able to use the Uber app to call a self-driving ride.

Austin-based company Avride is in the testing phase and plans to roll out its robotaxis next year.

Currently, Volkswagen ADMT and Amazon's Zoox are in the testing phase in Austin, while Hyundai's Motional is in the mapping phase.

Last year, robotaxi company Cruise paused operations in Austin after the California Department of Motor Vehicles revoked the company's permits to operate driverless vehicles in the state. And last week, General Motors said it would no longer fund the company because of the time and resources needed.

This way of getting around has come with its safety concerns and issues. The city is tracking those concerns. According to the Transportation Department, the problems span from blocking the roads and parking in front of people's homes for weeks with lights beaming through their windows, to actual wrecks.

Since July 2023, robotaxis have been involved in 75 incidents. Only 21 of those incidents happened in 2024. It's important to note that Cruise has not been operating in Austin this year.

Since July 2023, driverless rideshare vehicles have been involved in 22 near collisions, eight collisions and seven instances where driverless taxis ignored directions from the Austin Police Department (APD).

According to the data, at least four of those Austin police incidents happened in recent months. The issues varied from driving through police checkpoints, to malfunctioning and getting stuck at an APD road closure near pedestrians, causing safety concerns.

A Waymo spokesperson said their vehicles have gesture recognition capabilities, which they've been training APD officers on using.

As the report shows, sometimes it does not work and Waymo said it is working to improve that. The spokesperson said that as of just last week, Waymo's First Responder Program has been independently verified by TÜV SÜD, making Waymo the first autonomous vehicle (AV) company to receive third-party validation for our emergency response protocols. They also said the data to date indicates the Waymo Driver is already reducing traffic injuries and fatalities in the places where the company currently operates.

Read the full story and watch the video at KVUE.com.

traffic self-driving cars innovation