WeSky, a startup originating from Vilnius, has successfully secured a substantial investment of €1.1 million. This investment comes from a consortium of Baltic investors, including Coinvest Capital, Baltic Sandbox Ventures, and an angel syndicate, in addition to continued support from existing investors Notarc Management Group. The funding will empower WeSky to move forward with its ambitious plans, including a European test deployment on functional aircraft set to take place by the first quarter of 2024. Moreover, the company intends to intensify its efforts to expand its international sales presence, targeting global aviation markets.
WeSky, led by visionary founder Vytis Petrusevicius, is pioneering the development of innovative In-Seat power systems for airlines, known as “rechargeTM.” This technology aims to transform the in-flight experience for passengers while simultaneously improving operational efficiency for airlines and reducing aircraft fuel consumption. Vytis Petrusevicius, the founder of WeSky believes this technology will play a pivotal role in shaping a sustainable and more efficient future for aviation.
Viktorija Trimbel, the managing director of Coinvest Capital, noted the Fund’s increased focus on defense and aerospace, adding: “The diverse international composition of WeSky’s team of specialists and investors aligns perfectly with Coinvest Capital’s strategic ambition to tap into international expertise and seasoned business angels from beyond the Lithuanian startup ecosystem.”
Paul Johnson, formerly the owner of the UK-based firm Tenencia Aerospace Design, will be joining WeSky’s board. Mr. Johnson brings 34 years of experience in the aviation industry: as a founder of avionics system development, certification, and manufacturing organizations.
Also joining the board is the lead angel investor, Sarunas Rackauskas, who brings two decades of expertise in the aviation business in the US: “Among many innovations in the sector, I find WeSky’s product as an innovative and aesthetic “win-win” solution for the conservative aviation industry: the product is attractive and convenient for the user and efficient for the aircraft operator. I believe that the entry of WeSky into the market will act as a positive shock for the world’s aviation giants”.
“WeSky’s solution underscores the transformative potential of deep tech in reshaping traditional industries. The company’s robust intellectual property portfolio and strategic innovation is poised to significantly enhance power management during flights. We hope that the founder’s experience in the industry, combined with the strategic support of our investor consortium, will propel WeSky into a prominent global player in the aviation industry,” remarked Andrius Milinavičius, General Partner at Baltic Sandbox Ventures.
Click to read more funding news.
