TLDR:
- Vilnius-based Airvolve secured €825K from Coinvest Capital and Baltic Sandbox Ventures to develop a heavy-lift aircraft with operating costs 10X lower than a conventional helicopter.
- The investment will help Airvolve develop a fully functional MVP aircraft, with pre-orders expected in late 2025.
In September 2024, Vilnius-based Airvolve, a deep-tech aerospace startup, announced securing €825K from Coinvest Capital and Baltic Sandbox Ventures, along with several business angels. The investment, with Coinvest Capital contributing €510K, will enable the company to develop a heavy-lift aircraft with projected operating costs significantly lower than conventional helicopters. Founded in 2024 by Donatas Gendvilas and Antanas Ivancius, Airvolve’s aircraft is designed for various civil and defense missions, including autonomous cargo delivery, casualty evacuation, and search and rescue operations.
Airvolve recently tested a prototype aircraft and completed a two-year experimental research phase, allocating €2M for the development process. The company’s horizontal-axis technology allows for the transportation of large and heavy cargo over distances of up to 60 km. The heavy-lift aerial vehicle projected by Airvolve is expected to be ten times cheaper to operate than a conventional helicopter, thanks to its unique propulsion system. The investment from Coinvest Capital and Baltic Sandbox Ventures will accelerate Airvolve’s progress in advancing their innovative logistics solutions.
Coinvest Capital, an early-stage venture capital fund, has shown confidence in Airvolve’s revolutionary technologies, recognizing its potential in the aeronautics market. The fund’s portfolio includes 37 startups, with a total co-investment of €35.9M. Baltic Sandbox Ventures, a venture capital firm dedicated to supporting innovative startups, sees great potential in Airvolve’s VTOL technology for both defense and commercial applications. With financial support, mentorship, and strategic guidance, Baltic Sandbox Ventures aims to help Airvolve succeed in revolutionizing the aerospace industry.
The investment secured by Airvolve marks a significant milestone in the development of their heavy-lift aircraft, positioning the company as a key player in the global aeronautics market. With the continued support of investors and strategic partnerships, Airvolve is poised to disrupt the industry with its cost-effective and innovative solutions for various missions.
