Lithuanian aerospace startup Airvolve has raised €825K in funding to accelerate the development of its heavy-lift aircraft, designed to reduce operating costs by 10 times compared to conventional helicopters. The round was led by Coinvest Capital, contributing €510K, along with Baltic Sandbox Ventures and several angel investors.
Founded in 2024 by Donatas Gendvilas and Antanas Ivancius, Airvolve is developing a heavy-lift aircraft capable of autonomous cargo delivery, search and rescue operations, and casualty evacuation. The aircraft utilizes a unique horizontal-axis propulsion system to transport large, heavy payloads up to 60 km, offering a cost-effective alternative for a range of civil and defense missions.
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Moving Toward Market Launch
Airvolve has already completed a prototype test and a two-year experimental research phase, backed by €2M in funding. The newly secured capital will enable the startup to build a fully functional MVP, with pre-orders anticipated by late 2025. Co-founder and CEO Donatas Gendvilas expressed gratitude for the investor support, stating that the project is well advanced and poised for rapid progress.
Investor Confidence and Strategic Vision
Coinvest Capital, an early-stage VC fund, praised Airvolve’s innovative technology, highlighting its potential in the global aeronautics market. Baltic Sandbox Ventures also sees strong potential in Airvolve’s VTOL (vertical take-off and landing) technology, which has applications in both defense and commercial sectors.
