Lithuanian aerospace startup Airvolve has secured €825K from Coinvest Capital, Baltic Sandbox Ventures, and several business angels. This investment aims to accelerate the development of a fully functional MVP aircraft, with pre-orders expected by late 2025. The funding marks a significant milestone for Airvolve, which has already invested heavily in research and prototype testing.
Airvolve has been steadily progressing since its inception in 2024. The startup has completed a two-year experimental research phase costing €2M, during which a prototype was successfully tested in May 2024. Coinvest Capital contributed €510K to the recent funding, reflecting their confidence in Airvolve’s potential. This builds on a history of strategic investments that have positioned the Lithuanian startup for success in a competitive aerospace market.
Investment and Next Steps
Airvolve, founded by Donatas Gendvilas and Antanas Ivancius, focuses on developing a heavy-lift aircraft intended for various civil and defense missions. The aircraft aims to offer operating costs ten times lower than those of conventional helicopters, leveraging horizontal-axis technology to transport large and heavy cargo over distances of up to 60 km. The recent investment will accelerate the development of a fully functional MVP aircraft, with pre-orders anticipated by late 2025.
“We are a deep-tech, dual-use aeronautics company currently focused on innovative logistics solutions. The company’s heavy-lift aerial vehicle is projected to be ten times cheaper to operate than a conventional helicopter,” said Donatas Gendvilas, co-founder and CEO of Airvolve.
Investor Confidence
Coinvest Capital, an early-stage venture capital fund, has shown strong support for Airvolve by contributing €510K to the investment. The fund, established by INVEGA with EU and Lithuanian public funds, has a portfolio of 37 startups with a total co-investment of €35.9M. Coinvest Capital’s Managing Director, Viktorija Trimbel, praised Airvolve’s technologies as revolutionary and a significant competitive advantage in the global aeronautics market.
“The technologies being developed by Airvolve can be described as truly revolutionary, inspiring a sense of pride in our country’s innovators,” said Viktorija Trimbel.
Baltic Sandbox Ventures also participated in the funding round, recognizing the potential in Airvolve’s VTOL (vertical take-off and landing) technology. The venture capital firm supports early-stage startups not only through financial investment but also through mentorship and strategic guidance.
“We see great potential in this team and their game-changing VTOL technology,” commented Sandra Golbreich, General Partner at Baltic Sandbox Ventures.
Coinvest Capital and Baltic Sandbox Ventures play an instrumental role in shaping the future of Airvolve. Their investments allow the startup to focus on finalizing the aircraft’s development and ensure it meets its expected performance and safety standards. Airvolve’s innovative approach, including the use of horizontal-axis propulsion, sets it apart in the aerospace sector, offering promising applications in both commercial and defense domains.
The heavy-lift aircraft project spearheaded by Airvolve reflects broader trends in the aerospace industry, particularly the shift towards more efficient and versatile aerial logistics solutions. By securing substantial funding, Airvolve is well-positioned to bring its aircraft to market, potentially revolutionizing cargo delivery, search and rescue operations, and other critical missions. Investors see significant potential in Airvolve’s technology, aligning with the growing interest in autonomous systems and innovative transport solutions.
