Vilnius-based Airvolve secures €825K to develop heavy-lift aircraft with operating costs 10X lower than a conventional helicopter

Vilnius, Lithuania-based Airvolve, a deep-tech aerospace startup, announced on Wednesday that it has secured €825K from Coinvest Capital and Baltic Sandbox Ventures, along with several business angels.

Out of the total, Coinvest Capital’s contribution to the investment amounts to €510K.

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

Airvolve: Developing a heavy-lift aircraft

Founded 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.

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

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.

Donatas Gendvilas, co-founder and CEO of Airvolve says, “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. Its unique horizontal-axis propulsion system enables a large-volume payload airlift within a 60 km radius.” 

“The project is well advanced, we have already invested significant time and effort into the aircraft’s development. We are very grateful to our investors for their trust—this funding will allow us to accelerate our progress even further,” adds Gendvilas.

The investor

Coinvest Capital is an early-stage venture capital fund established by INVEGA with EU and Lithuanian public funds.

The fund invests in promising Lithuanian startups alongside business angels and other venture capital funds. 

Currently, its portfolio includes 37 startups, with a total co-investment of €35.9M.

The fund offers a unique profit-sharing program, capping its return on investment at 6 per cent per year.

“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,” says Viktorija Trimbel, Managing Director of Coinvest Capital.

Baltic Sandbox Ventures is a venture capital firm dedicated to supporting innovative startups and entrepreneurs across the Baltic region and beyond.

Focused on early-stage investments, Baltic Sandbox Ventures provides not only financial support but also mentorship, strategic guidance, and access to a robust network of industry experts and resources.

“We see great potential in this team and their game-changing VTOL (vertical take-off and landing) technology, which enables both defense and commercial applications,” comments Sandra Golbreich, General Partner at Baltic Sandbox Ventures.