Aeroclass, The Online Aviation Training Startup Attracts 1.2 million USD In Seed Funding
Lithuanian aviation e-learning platform Aeroclass has attracted 1.2 million USD in seed funding from AeroCity Tech Ventures, a venture capital investing in aviation technologies. Aeroclass is the world’s first start-up to offer a modern online training platform specifically for aviation professionals.
According to the company’s CEO and co-founder, Lukas Rasciauskas, Aeroclass aims to revolutionise the aviation training industry by offering aeronautical professionals high-quality training on a convenient, ‘any time, any place’ platform. “The global pandemic has highlighted a long-standing problem with aviation training. The previously rigid sector was for the longest time in need of someone to come and shake the market from the ground up. That’s why we are here.”
Tech startup Aeroclass is the first in the world to introduce a virtual learning platform focused on the aviation industry, designed for professionals to acquire and deepen their knowledge in the aviation sector. The Aeroclass head emphasises that the uniqueness of the startup lies in the focus on the peculiarities of the aviation business. “Until now, the main focus in the application of new technologies in aviation training has been on pilot and crew training. We, on the other hand, target the areas of aviation management, law, communication, finance, audit, and crisis management that have received less attention so far. Aeroclass training will help newcomers to the sector and professionals seeking to improve their skills to understand aviation more quickly,” he said.
Although Covid-19 has shone a light on online training, the potential of the sector had already been on the industry’s radar. “Even before the pandemic, the value of the e-learning market grew steadily and in 2018 reached as much as 100 billion USD. In 2020, the market doubled to 200 billion USD and it is expected that by 2027 we will have another doubling of the market value. Therefore, we have decided that now is the best time to develop online learning solutions for the aviation sector. We are pleased that the potential of this business has been noticed by the AeroCity Tech Ventures and we believe that this investment will contribute towards our rapid and successful growth,” said Lukas.
According to the head of AeroCity Tech Ventures, Julius Norkunas, who has been intrinsically involved with innovations and startups for many years, this investment in Aeroclass is the venture capital’s contribution to the aeronautical technology revolution. “We see huge potential in the virtual training sector, so we believe this investment will help modernise the aviation tech industry. AeroCity Tech Ventures plans to invest 20 million EUR in new and growing companies with valuable technological and modernisation ideas for the aviation sector. We believe that with our help, many industry-changing ideas will see the light of day. ”
Investment for development
Lukas Rasciauskas, the head of the e-learning startup, adds that the company has many plans and ideas for the future. “Due to the huge potential and demand for online learning, we plan to expand Aeroclass’ operations both geographically – in Europe and Asia – and in terms of services offered. We have currently introduced a product for aviation professionals, online training, but in the future, we plan to release another alternative to conventional aviation training – virtual classes, where teachers, instructors, and lecturers will work directly with training participants. We are also in the process of preparing a hybrid training system that will allow students to learn partially independently while analysing practical situations under the guidance of respected aviation professors.”
According to Lukas, to achieve such grandiose plans, the company will continue to expand its team of professionals. “Although today we have a really impressive team of experts, united by the desire to create, change and improve the aviation sector, we are not standing still and are constantly looking for talented people that want to become a part of the Aeroclass team. We employ experienced IT professionals to ensure the smooth operation and development of the platform, while the training programmes’ content is created by Swiss aviation experts with an impressive accumulation of industry experience. Lectures on the Aeroclass platform are led by globally respected aviation professionals who work with leading airlines such as British Airways, United Airlines, and Air New Zealand, along with aviation luminaries from Abu Dhabi, Luton, and Heathrow airports. Additionally, there will be professors from Cambridge (UK), Arizona (USA), Singapore Institute of Technology and other leading universities,” emphasises L. Rasciauskas, the head of the startup. “And as we grow, we will need more and more talent from IT and aviation to join our ranks and help us change the aviation training landscape.”
In addition to high-quality content, created with real-world aviation business examples and case studies, Aeroclass will focus on integrating modern technologies, such as 3D and virtual reality, into the training process to ensure the best results for all students.