Insider Brief
- Involve has successfully closed a €2.5 million seed round supplemented by €500,000 in convertible loans.
- The investment was led by Earlybird Venture Capital and participated in by several firms, including CDP Venture Capital, Unicredit, and Plug and Play.
- The company is focusing on growth with several key industry figures being added to its leadership team, including Alastair Westgarth, the former CEO of Google’s Project Loon, joining Involve’s Board of Directors and astronaut Paolo Nespoli being appointed to the Advisory Board.
- The new funds will be used to accelerate the development of Involve’s balloon technology. Key technical goals include extending flight duration, optimizing control systems with artificial intelligence, and increasing payload capacity.
Involve, a stratospheric balloon technology company based in Italy, announced it has successfully closed a €2.5 million seed round, supplemented by €500,000 in convertible loans. Earlybird Venture Capital led the investment with participation by several firms, including CDP Venture Capital, Unicredit, and Plug and Play. Involve also became the first Italian startup selected by Earlybird-X, a specialized branch of Earlybird Venture Capital that focuses on high-potential, disruptive technologies, and has already achieved substantial traction with 30 commercial launches and extensive testing of its high-altitude balloon platforms.
As part of this growth, Involve is enhancing its leadership team with key industry figures. Alastair Westgarth, the former CEO of Google’s Project Loon, has joined the company’s Board of Directors. Additionally, astronaut Paolo Nespoli, who brings decades of space experience, has been appointed to the Advisory Board. These appointments align with Involve’s strategy to expand its international presence and solidify its position in the earth observation and telecommunications sectors.
The company plans to use the new funds to accelerate the development of its balloon technology. Key technical goals include extending flight duration, optimizing control systems with artificial intelligence, and increasing payload capacity. Involve also aims to grow its team, focusing on aerospace engineering, software development, and data management to support its next phase of growth.
CEO Jonathan Polotto will continue to lead the company, supported by Claudio Piazzai, the Chief Operating Officer, who will focus on expanding Involve’s global reach. The company also plans to establish a presence in Houston, Texas, with the help of new board member Alastair Westgarth and business developer Courtney Stadd, a former NASA official.
Image credit: Involve
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