The medieval city of Vilnius, capital of Lithuania, is positioning itself as a global player for the most modern of aerospace industries with AeroCity, a fast-growing campus of aviation companies.
To accelerate its growth, there’s newly established AeroCity Tech Venture fund to help the best aviation technology ideas and companies to take off.
The AeroCity project is being built by the global aerospace service group Avia Solutions Group. ‘AeroCity Tech Valley’ will bring the most innovative companies, ideas, and top-class professionals to promote the development of modern solutions for the aviation sector.
Julius Norkjunas, who is Head of AeroCity Tech Valley Business Incubator, said, “Although aviation is a modern industry, there is still a lot of room for novel ideas, solutions and digitisation.
“As the industry is protected by numerous licences, entry barriers, and flight safety requirements, changes can be more difficult to implement.
“Regardless, we see great potential in this industry and want to help it grow.”
The AeroCity Tech Ventures Fund will invest in new and growing companies that have valuable tech ideas for the aviation sector, but lack resources to implement or develop them.
“We have planned to allocate as much as 20 million euros for the financing of start-ups, products, and ideas,” continued Norkunas.
“We believe that with our help, many ground-breaking ideas in aviation will become a reality.
“The aviation industry is now embarking on a digital revolution. We believe the AeroCity Tech Ventures fund will be an indispensable tool for companies looking to make a positive impact in aviation.
“Our selected companies will also have the opportunity to participate in the Runway 36 accelerator, a programme which aims to ensure the further growth of the companies by providing the necessary tools and knowledge to help maintain business stability and development.”
AeroCity Tech Valley will open its doors in AeroCity by the end of 2021. Currently, AeroCity consists of the Avia Solutions Group headquarters and the modern hotel, Loop. It is a unique architectural work with a real aeroplane having already ‘landed’ in the lobby of the building.
The next stage in the campus development plan includes the construction of a 600-room co-living complex for employees and guests of the international aviation group. There are plans that by 2025 more than 20,000 people will be working and living in AeroCity.
“I believe that AeroCity Tech Valley will become a place for talented idea developers, IT engineers, and other specialists striving to create and improve the tech sector in the aviation industry,” added Norkunas.