Lithuanian-British aviation tech startup WeSky is enhancing inflight experiences by developing its in-house cabin avionics system. Due to the light weight of the recharge product, reducing overall cabin weight, overall fuel consumption will be lowered.
The start-up, founded by Vytis Petrusevičius, has raised a €1.1 million funding round. The round includes investment from Coinvest Capital, Baltic Sandbox Ventures, existing investors Notarc Management Group and an angel syndicate. The fresh funding will fuel testing on functional aircraft by the first quarter of 2024 and see international sales efforts expanded.
“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,” says Viktorija Trimbel, Managing Director of Coinvest Capital.
There are also a couple of new additions to the WeSky board as Paul Johnson, former owner of Tenencia Aerospace Design, takes a seat at the table, bringing with him a wealth of avionics system development, certification, and manufacturing experience. Also joining the board is the lead angel investor, Šarūnas Račkauskas who believes WeSky’s innovation will be 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,” says Andrius Milinavičius, General Partner at Baltic Sandbox Ventures.
Lead image: WeSky