Lithuanian tactical transport aircraft developer Airvolve raises €825K

 

Lithuanian tactical transport aircraft developer Airvolve has raised €825K in funding from Lithuanian Coinvest Capital and Baltic Sandbox Ventures, as well as several angel investors. Coinvest Capital contributed €510K.

Founded in Vilnius in 2024 by Donatas Gendvilas and Antanas Ivancius, Airvolve is developing a heavy-lift aircraft with projected operating costs ten times lower than a conventional helicopter. Its horizontal axis technology allows it to transport large and heavy cargo over distances of up to 60 km. In May 2024, the startup tested a prototype aircraft and completed a two-year experimental research phase, for which the company allocated €2M. The aircraft can be used for civil and defense missions, such as autonomous cargo delivery, casualty evacuation, and search and rescue operations.

The dual-use defense startup will use the investment to develop a fully functional MVP aircraft, with pre-orders expected by the end of 2025.

Coinvest Capital is a VC fund fully capitalized with public funds from the Lithuanian state and the EU. It is 100% owned by the National Development Agency INVEGA, which, in turn, is owned by the Ministry of Finance, acting as a shareholder on behalf of the Republic of Lithuania. Coinvest Capital invests in startups and companies undergoing business development and growth in cooperation with groups of business angels or private venture capital funds. Its portfolio includes 37 startups, with a total co-investment of €35.9M. 

Founded in 2018 and based in Vilnius, Tallinn, and Helsinki, Baltic Sandbox Ventures is an accelerator and a fund. It invests in Baltic early-stage startups that work with deep tech, life sciences, and dual-use technologies. General partners are Andrius Milinavičius, Sandra Golbreich, and Erik Bhullar.