Lithuanian deeptech aerospace startup Airvolve has secured €825,000 in funding to develop a unique tactical transport aircraft. The venture capital funds Coinvest Capital and Baltic Sandbox Ventures provided the early-stage funding, along with several accredited business angels. The investment will help the company develop a fully functional MVP aircraft.

About Airvolve

  • Airvolve is a deeptech, dual-use aeronautics company currently focused on innovative logistics solutions. The company's heavy-lift aerial vehicle is projected to be 10 times cheaper to operate than a conventional helicopter. Its horizontal-axis propulsion system enables large-volume payload airlift within a 60 km radius, as stated by Donatas Gendvilas, co-founder and CEO of Airvolve.

  • According to Airvolve representatives, the aircraft is designed for a wide range of civil and defense missions, including autonomous cargo delivery, casualty evacuation, search and rescue operations.

  • The Airvolve‘s founding team includes talents from NASA and Ryanair Engineering. The aircraft prototype, which took off in May 2024, is the result of two years of R&D, and an investment of over €2 million.

Investment details

  • Coinvest Capital, an early-stage VC fund established by INVEGA with EU and Lithuanian public funds, and Baltic Sandbox Ventures, a VC firm supporting innovative startups and entrepreneurs across the Baltics and beyond, are the main investors during the round. Rita Sakus is also among the list of business angels.

"The technologies being developed by Airvolve can be described as truly revolutionary, inspiring a sense of pride in our country's innovators and offering a significant competitive advantage in the global aeronautics market. Furthermore, I believe the project team's vision is exceptionally timely, aligning with the rising wave of autonomous systems and innovations in the transport and defense industries, and therefore holds tremendous potential," Viktorija Trimbel, Managing Director of Coinvest Capital, said.

  • Coinvest Capital's contribution to the investment amounts to €510,000. The transaction between the investors and Airvolve was advised by the legal teams of TGS Baltic, FORT Legal, and Unicorn Legals.

The investment will help the company develop a fully functional MVP aircraft, with pre-orders expected in late 2025.