Lithuanian aerospace startup WeSky raised €1,1M

Lithuanian aerospace tech startup WeSky raised €1,1M from Lithuanian Coinvest Capital, Lithuanian accelerator and investor Baltic Sandbox Ventures, and a syndicate of business angels LitBAN. Founded in the Bahamas, investment and asset management firm Notarc Management Group, which already backed the startup earlier, also participated in the round. 

Among the angels of LitBan were the owner of US-based commercial aviation sales and service company Atlantic Jet Support Sarunas Rackauskas, venture partner of Finnish Superhero Capital Gytenis Galkis, and others.    

Founded in Vilnius by Vytis Petrusevicius, the startup develops in-seat power systems for commercial aircraft. According to WeSky, these systems help reduce CO2 emissions and airline operational costs and bring fuel savings. Onboard charging solutions which are sold on the market are heavy. WeSky offers a 60W power system that weighs like a 15W charging solution, so it can decrease the weight of aircraft.

The company will use the investment to develop and test onboard power solutions further. Also, it plans to expand sales globally.

A former owner of Tenencia Aerospace Design Paul Johnson and the lead angel investor in this round Šarūnas Račkauskas will join the WeSky board.

Established in Vilnius in 2017, Coinvest Capital supports startups at early stages and co-invests with groups of business angels. The managing director is Viktorija Trimbel.

Founded in 2018 in Vilnius, Baltic Sandbox Ventures is an accelerator, incubator, and investor. It provides up to €125K of financing participants of the acceleration program, and up to €400K in seed rounds of investment. It supports early-stage deep tech and life science startups. The founding partners are Sandra Golbreich and Andrius Milinavičius.

Founded in 2017, Vilnius-based LitBAN (Lithuanian Business Angel Network) is a syndicate of 38 business angels. LitBAN focuses on early-stage venture investment in the Baltics.