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Startup WeSky raised EUR 1.1 million from consortium of co-investors, led by Coinvest Capital

WeSky, a Lithuanian-British startup developing innovative in-seat power systems for airlines, “rechargeTM, has secured a €1.1 million investment from a consortium of Baltic investors: Coinvest Capital, Baltic Sandbox Ventures, private business angels and an angel syndicate, alongside existing investors Notarc Management Group. The round will help the company score a European test deployment on functional aircraft by the first quarter of 2024 and expand international sales efforts.

WeSky’s “rechargeTM” solution aims to enhance the in-flight experience for passengers while significantly improving operational efficiency for airlines and reducing aircraft fuel consumption.

Vytis Petrusevičius, 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, Šarūnas Račkauskas, 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.

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