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Insights · Edition 01 · Autumn 2026

Aerospace strategic capital.

Fifteen venture funds and programs run by airlines, aircraft makers and a defence company: how each is set up, where it invests, and what that means for the investors alongside them.

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A business jet on a wet apron at sunset before a mountain range
15Funds and programs
11Airline side
4Manufacturers
215Sources
A note on this report

This report is written for capital allocators and strategic institutional investors. It looks at fifteen venture funds and programs backed by airlines, aircraft manufacturers and Lockheed Martin: how each is structured, how much capital it has disclosed, which companies it has backed, and what that record suggests for anyone investing beside it. It is current to 28 October 2026.

All facts and figures have been sourced to the best of our efforts, and every source is listed in the sources at the end. Fund sizes are given the way each fund gives them, as a target, a first close or an amount raised, with the date. Our own views are set in black type so they can be told apart from the record. This report is for information only. It is not investment advice, and none of the organisations named has reviewed or endorsed it.

Mike McAra
Managing Partner, Kennox Ventures
October 2026
01 / Summary

What we found.

01
Structure comes firstThe fifteen fall into four groups: five standalone funds, seven balance-sheet investors, two restructured units and one R&D commitment. Six take outside capital: AE Ventures, Airbus Ventures, IndiGo Ventures, SHIFT Invest, United’s fuel fund and SKY VC’s next fund.For the other nine, the only way in is to co-invest.
02
Published sizes are snapshotsSeven publish a size, a capacity or a plan. The figures run from $45 million, sold so far by AE Ventures’ Fund II, to Lockheed Martin’s authority to invest up to $1 billion.Ask for the amount actually raised. AE Ventures’ own Form D shows $45 million sold against Fund II’s $250 million target.
03
A third of the field has changed since 2025JAL brought its fund in-house; IAG committed up to €200 million to IAGi Ventures; JetBlue sold its venture team to a lessor and kept the portfolio; Lockheed Martin lifted its ceiling to $1 billion; Capital A proposed a court scheme for Move Digital.A diligence file on any of these five from 2024 is already out of date.
04
They follow more than they leadTheir most visible 2025 and 2026 rounds were in space, defence and sustainable fuel, though by deal count software still leads. Most rounds were led by someone else. The exceptions: Airbus Ventures at Qunnect and Featherless.ai, AE Ventures at Solestial and REGENT, and Lockheed Martin at Fortem.We count five rounds led or co-led by these funds in two years. In the rest, someone else set the price.
05
Outside managers get small chequesMost of what these corporates have put into funds they do not run went to funds they created or spun out. Only two commitments to unaffiliated managers carry a published amount: Alaska’s $15 million to UP.Partners and Embraer’s R$20 million to MSW MultiCorp 2.A GP raising a fund should plan on these groups as co-investors and treat an anchor commitment as unlikely.
A note on data: all data is drawn from multiple sources. Figures are recorded as stated in public filings, press releases and other published documents, and every source is referenced in the appendix.
02 / Market context

Market context.

How the funds got started, what they have backed lately, and how often each one writes a cheque.

Fund formation, 2014–2026.

Each event below is dated by a primary document and split by side of the industry. Two funds were formed before 2014: Lockheed Martin Ventures, set up in 2007 with $100 million, and the Mainport Innovation Fund, now SHIFT Invest, set up in 2009.

YearManufacturers and defenceAirlines and airline groups
2014
·
Lufthansa Innovation Hub founded, Berlin
2016
Airbus Ventures launches, Airbus SE as LP
JetBlue Technology Ventures formed (Feb)
2017
Boeing forms HorizonX
Embraer-X established in Florida
·
2018
Lockheed Martin fund doubled to $200M (Jun)
AirAsia forms RedBeat Ventures (Dec)
2019
·
JAL & TransLink Innovation Fund, $70M (Jan)
2020
Airbus Ventures Fund III; Tokyo office opens
·
2021
HorizonX to AE Industrial; $66M sold (Aug)
United Airlines Ventures formed (Jun)
Alaska Star Ventures; $15M to UP.Partners (Oct)
2022
AE Fund II, $250M target; Boeing $50M (Jul)
Lockheed Martin fund to $400M (Aug)
KLM, NS and Schiphol join SHIFT III, €110M (Jun)
2023
·
United Sustainable Flight Fund, $100M+ (Feb)
Emirates commits $200M to research (May)
2024
Airbus Ventures Fund-Y raises $155M (Sep)
Sustainable Flight Fund passes $200M (Feb)
IndiGo Ventures approved for ₹600 crore (Oct)
2025
AE Ventures Fund III first sale (Mar)
IAG launches IAGi Ventures, €200M plan (Mar)
SKY Leasing buys JetBlue Ventures (May)
IndiGo Ventures first close, ₹450 crore (Jul)
SHIFT Invest IV first close, €92M (Jul)
2026
Lockheed Martin capacity up to $1B (Apr)
AE Ventures Fund III: $145.5M sold (Oct)
JAL Innovation Fund II, $50M, in-house (Mar)
Court scheme proposed for Move Digital (Sep)
Dates are those of the documents cited in each profile.
For a sense of the wider market, Space Capital, which tracks investment in space companies, counted a record $55.3 billion in 2025 and $92.5 billion in the first nine months of 20261, 2, 3. We found no comparable series for aviation venture capital. The aviation picture here is therefore built from the funds’ own records.

Notable transactions.

Eight notable financings and exits from October 2024 to October 2026 in which one of the fifteen took part, each checked against the company’s own release or an established report.

DateCompanyTransactionCorporate venture linkAmount
Oct 2026REGENTSeries B co-led by Mare Liberum and AE Ventures1AE Ventures, co-lead$240M
Jun 2026SolestialAcquired by York Space Systems for about $67M in cash and stock; closed 4 Jun 20262AE Ventures, seller; buyer an AE Industrial portfolio company$67M
Apr 2026Reliable RoboticsSeries D led by Nimble Ventures; a $115M extension in Oct 2026 took it to $275M3AE Ventures, participant$160M
Feb 2026CesiumAstroSeries C equity led by Trousdale Ventures, plus a $200M financing package from EXIM and J.P. Morgan4Airbus Ventures, participant$270M
Dec 2025Boom SupersonicFunding round led by Darsana Capital Partners5United Airlines Ventures portfolio company$300M
Oct 2025NavanNasdaq IPO (NAVN) at $25 a share; $750M to the company, $923M gross with selling holders6Lufthansa Group minority stake, Jan 2020; position at listing undisclosed$923M
Jun 2025Impulse SpaceSeries C led by Linse Capital; total raised $525M7Airbus Ventures, participant$300M
Oct 2024Terran OrbitalAcquired by Lockheed Martin at $0.25 a share, enterprise value about $450M; closed 30 Oct 20248, 9Lockheed Martin, acquirer; its venture fund an investor since 2017$450M
Amounts are as announced by the company; equity totals exclude debt facilities unless stated.
What the eight show
5Financing roundsREGENT, Reliable Robotics, CesiumAstro, Boom Supersonic, Impulse Space
3ExitsTerran Orbital and Solestial sold; Navan listed on Nasdaq
1Led or co-ledAE Ventures at REGENT; the rest joined rounds others led
2Sold into own groupTerran Orbital to Lockheed Martin; Solestial to an AE Industrial company

Deals.

Rounds that CB Insights records for eleven of the fifteen, 2015 to October 20261. Delta and Move Digital hold a few strategic positions, which the database does not record as venture rounds. Rounds booked under a parent airline’s name are missing, so United and Alaska look smaller here than on their own pages. Embraer-X, with one round, and Emirates, with none, are left out.

Rounds per year, 2015 to 2026
Fund151617181920212223242526n.d.RoundsCompanies
Lockheed Martin Ventures·143611101517161414·11166
Airbus Ventures15111481588129104·10563
AE Ventures··127·12·438113934
SHIFT Invest2·314410812666258971
Japan Airlines Ventures····1·2321·341613
IndiGo Ventures··········24·65
Alaska Star Ventures·······1·211·55
Lufthansa Innovation Hub······21····144
United Airlines Ventures···········3·33
SKY VC (JetBlue Ventures)·2895358105·176348
IAGi Ventures··2111····23334342
Darker cells, more rounds; busiest year in bold. Parent and fund names are merged (AE Ventures with AEI HorizonX and Boeing, Lockheed Martin Ventures with Lockheed Martin, Alaska Star with Alaska Air Group, IAGi with IAG); 82 Hangar 51 cohort places are excluded. Rounds shared by two funds count under each.
The shape of each record
FundSeed
or AAerospace
& defenceSoftwareFollow-onMedian,
$MPortCos
Lockheed Martin Ventures53%32%20%36 of 6620 (84)120+
Airbus Ventures59%22%29%34 of 6318 (93)55+
AE Ventures46%8%54%5 of 3465 (15)50+
SHIFT Invest60%1%25%16 of 714 (48)65+
Japan Airlines Ventures38%13%31%3 of 1317 (12)–
IndiGo Ventures–––1 of 550 (4)4
Alaska Star Ventures–––0 of 524 (5)12
Lufthansa Innovation Hub–––0 of 4––
United Airlines Ventures–––0 of 310 (2)30+
SKY VC (JetBlue Ventures)51%2%59%11 of 4815 (45)38
IAGi Ventures14%9%67%1 of 4213 (8)15
Shares for funds with ten or more rounds; follow-on: companies backed twice; median, $M (sized rounds); PortCos: portfolio companies each fund reports itself, for comparison with the database.
Lockheed Martin Ventures and Airbus Ventures have invested every year for a decade and backed more than half their companies a second time. SKY VC shows one round since its 2025 sale. Most median rounds are $13 million to $20 million; SHIFT Invest’s is $4 million and AE Ventures’ $65 million. At every fund with ten or more rounds except Lockheed, CB Insights tags more deals as software than as aerospace and defence.
03 / Fund overviews

Fund overviews.

Five standalone funds, seven balance-sheet investors, two restructured units and one R&D commitment. Each profile covers structure, disclosed capital and portfolio, and what each means for fundraisers, co-investors and founders.

Manufacturers.

Seven of the fifteen publish a fund size, a capacity or a plan: three manufacturers on this page (AE Ventures, Airbus Ventures and Lockheed Martin Ventures) and four on the airline side on the next (Japan Airlines Ventures, IndiGo Ventures, IAGi Ventures and SHIFT Invest). Figures appear as each document states them, with the date, and are sourced on the profile pages.

FundParent and formBased, sinceDisclosed capital, as ofStage
AE VenturesAE Industrial Partners, Boeing anchor; venture platform with dedicated fundsBoca Raton, FL; 2017Fund II $250M target, $45M sold (Jul 2024); Fund III $145.5M sold, offering open (Oct 2026)Seed to Series B
Airbus VenturesAirbus SE, founding LP; independent venture firmMenlo Park, CA; 2016Fund-Y $155M raised (Sep 2024); about $465M under managementEarly stage
Embraer-XEmbraer; incubator, with venture capital via Embraer VenturesMelbourne, FL; 2017No fund size publishedIncubation; fund stakes
Lockheed Martin VenturesLockheed Martin; evergreen balance-sheet programBethesda, MD; 2007Capacity up to $1B (Apr 2026); more than $500M invested in 120+ companiesSeed to Series B
Fund structure
AE Ventures
Airbus Ventures
Embraer-X
Lockheed Martin Ventures
Standalone fund
Standalone fund
Balance sheet
Balance sheet
Capital sourceBoeing anchor plus outside LPs
Capital sourceAirbus SE plus outside LPs
Capital sourceEmbraer only
Capital sourceLockheed Martin’s balance sheet
Final ICAE Industrial, as GP
Final ICAirbus Ventures itself
Final ICEmbraer
Final ICLockheed Martin
Parent’s share
UndisclosedBoeing $50M committed; $45M sold in total
Parent’s share
Under 50%Airbus SE in Fund-Y
Parent’s share
100%Parent’s own capital
Parent’s share
100%Parent’s own capital

Airlines.

FundParent and formBased, sinceDisclosed capital, as ofStage
United Airlines VenturesUnited Airlines; venture unit and a multi-partner fuel fundChicago; 2021Unit undisclosed; fuel fund $200M+ (Feb 2024)Early stage
Japan Airlines VenturesJapan Airlines; captive funds, Fund II in-houseSilicon Valley; 2019Fund I $70M (Jan 2019); Fund II $50M (Mar 2026)Undisclosed
IndiGo VenturesInterGlobe Aviation; SEBI-registered fundGurugram; 2024₹600 crore target; ₹450 crore first close (Jul 2025)Pre-A to Series B
Alaska Star VenturesAlaska Air Group; venture unit (LLC) and labSeattle; 2021Undisclosed; $15M to UP.Partners (Oct 2021)Undisclosed
Lufthansa Innovation HubLufthansa Group; innovation unit and company builderBerlin; 2014None; Group balance sheets investUndisclosed
Emirates Sustainability FundEmirates; research funding commitmentDubai; 2023$200M over three years (May 2023)–
IAGi VenturesIAG; venturing arm with an acceleratorLondon; 2025Up to €200M over five years (Mar 2025)Seed to Series B
SKY VCSKY Leasing; formerly JetBlue VenturesSan Francisco; 2016No fund size stated; next fund being raisedSeed and Series A
SHIFT InvestIndependent manager; KLM, NS and Schiphol among LPsAmsterdam; 2009SHIFT III €110M; SHIFT IV €92M first close (2025)Proof of concept to A
Move DigitalCapital A; holding company, court scheme proposedKuala Lumpur; 2018None; RedBeat Capital’s $60M target (2019), no close publishedUndisclosed
Delta Air LinesDelta; balance-sheet investor, no unitAtlantaJoby $60M (2022); $70M warrant exercise (Jan 2026)Undisclosed
Capital structure
3Standalone fundJapan Airlines VenturesIndiGo VenturesSHIFT Invest
5Balance sheetUnited Airlines VenturesFuel fund has outside partnersAlaska Star VenturesLufthansa Innovation HubDelta Air LinesIAGi Ventures€200M plan over five years
2RestructuredSKY VCManager sold; JetBlue kept the portfolioMove DigitalScheme proposed, pending court sanction
1R&DEmirates

Disclosed capital, by segment.

Every published fund figure on one scale, in $ million. Outlined bars are targets, plans and authorised capacities; filled bars are amounts raised or sold, stated sizes and commitments; a broken bar runs off the scale. Airbus Ventures’ $465 million under management, Emirates’ research commitment and the holdings of SKY VC, Move Digital and Delta are left off, since none of them is a fund.

Aircraft and defence manufacturers
Lockheed Martin Ventures · capacity authorised, Apr 20261,000
Lockheed Martin Ventures · invested since 2007, Apr 2026500+
Airbus Ventures · Fund-Y, raised, Sep 2024155
AE Ventures · Fund II target, Jul 2022250
AE Ventures · Fund II sold, Form D, Jul 202445
AE Ventures · Fund III sold, Form D, Oct 2026145.5
AE Ventures · HorizonX Fund I sold, Form D, Aug 2021166
Airlines and airline groups
IAGi Ventures · plan over five years, Mar 2025 (€200M)3223
United Airlines · fuel fund commitments, Feb 2024200+
Japan Airlines · Fund I with TransLink, stated size, Jan 201970
Japan Airlines · Innovation Fund II, stated size, Mar 202650
IndiGo Ventures · target ₹600 crore, approved Oct 2024263
IndiGo Ventures · first close ₹450 crore, Jul 2025247.3
Alaska Star Ventures · first commitment, Oct 202115
Fund with airline and airport LPs
SHIFT Invest · SHIFT IV target, Jul 2025 (€150M)3167
SHIFT Invest · SHIFT III, stated size, Jun 2022 (€110M)3122
SHIFT Invest · SHIFT IV first close, Jul 2025 (€92M)3102
Rupee and euro figures are converted at the European Central Bank’s reference rates of 28 October 2026: $1.1133 per euro and 95.22 rupees per dollar (₹600 crore about $63.0M, ₹450 crore about $47.3M). No other conversion is made on this page. United’s bar is the fuel fund’s commitments; the unit publishes no fund size. Embraer Ventures publishes no fund size and Lufthansa Innovation Hub no capital, so neither is charted.
For an LP, this shows where a fund commitment is possible at all. Four fund families take outside money: Airbus Ventures, AE Ventures, IndiGo Ventures and SHIFT Invest, where an airline is itself an LP. JAL’s fund is captive, IAG’s is a group plan, and Lockheed’s is a balance sheet with an authorised ceiling. Most published sizes are still targets, first closes or amounts sold. The largest figure is a capacity Lockheed may draw over time; the largest sum raised from several investors is United’s fuel fund, at more than $200 million; the largest venture fund raised is Airbus Ventures’ Fund-Y, at $155 million.
01 / Aircraft manufacturer

AE Ventures, formerly Boeing HorizonX

50+PortCos
39Rounds
34Companies
15%Backed twice
Rounds a year
Own count;
CB Insights, 2015–Oct 2026
ParentAE Industrial Partners; Boeing anchor investor and strategic partner3, 4
FormVenture platform of a private equity firm, with dedicated funds
BasedBoca Raton, Florida; office in Washington, DC1, 5
Established2017 as Boeing HorizonX; AE Industrial since Aug 20212, 3
Disclosed capitalFund II $250M target, $45M sold (Jul 2024)4, 5; Fund III $145.5M sold, offering open (Oct 2026)7, 8
StageSeed to Series B, with flexibility for growth stage7
LeadershipBrian Schettler, Partner, Head of AE Ventures1

AE Ventures is the venture platform of AE Industrial Partners, a private equity firm in Boca Raton, Florida1. It began as Boeing HorizonX, the innovation cell Boeing formed in April 20172, and moved under AE Industrial’s management in August 2021 with Boeing as anchor investor and strategic partner3.

Fund II launched in July 2022 with a $250 million target and a $50 million Boeing anchor4. The latest Form D amendment, of July 2024, records $45 million sold to two investors, less than Boeing’s announced $50 million, and no final close5; Boeing held a controlling position in Fund I6, whose own Form D records $66 million sold14. Fund III, with a first sale in March 2025, had sold $145.5 million to 46 investors by October 2026, with the offering still open7, 8. The platform counts more than 50 investments9.

Outside LPsYes; Fund III sold to 46 investors
Raising nowFund III open; $145.5M sold, no final close
Cheque and roleSeed to Series B; led Solestial, co-led REGENT
Route inBrian Schettler, Head of AE Ventures
Selected investments
CompanyFocusRound and dateAmount
SolestialSpace solar; Series A led by AE Ventures, May 2025; sold to York Space Systems, itself an AE Industrial portfolio companyExit, Jun 20269, 10$67M
REGENTElectric seagliders; round co-led by Mare Liberum and AE VenturesSeries B, Oct 202613$240M
Reliable RoboticsAutonomous aircraft systems; led by Nimble Ventures; upsized to $275M in Oct 2026Series D, Apr 202611$160M
Last EnergyFactory-built 20 MWe nuclear microreactors; led by Astera InstituteSeries C, Dec 202512$100M
02 / Aircraft manufacturer

Airbus Ventures

55+PortCos
105Rounds
63Companies
54%Backed twice
Rounds a year
Own count;
CB Insights, 2015–Oct 2026
ParentAirbus SE, founding limited partner2
FormIndependent venture firm with outside limited partners
BasedMenlo Park, California; office in Tokyo3
Established20161
Disclosed capitalFund-Y $155M raised, Sep 2024; about $465M under management1
StageEarly stage, deep technology1
LeadershipThomas d’Halluin, Managing Partner4

Airbus Ventures is the venture firm Airbus set up in Silicon Valley; Airbus SE is its founding limited partner1, 2. Its fourth fund, Fund-Y, raised $155 million, as reported in September 2024, with more than half of the capital from outside investors; assets under management were about $465 million1. Fund III, raised in 2020 alongside a Tokyo office, brought in Development Bank of Japan, Mitsubishi UFJ Lease & Finance and Fuyo General Lease3.

The firm invests at early stage and counted more than 55 portfolio companies in 20245. About a third of deployed capital had gone to space by then, across 14 pure-play companies including Impulse Space, ispace and LeoLabs1. In May 2026 it co-led Featherless.ai’s $20 million Series A with AMD Ventures11. Thomas d’Halluin is Managing Partner4.

Outside LPsYes; outsiders over half of Fund-Y
Raising nowNo new fund announced since Fund-Y
Cheque and roleEarly stage; led Qunnect, co-led Featherless.ai
Route inThomas d’Halluin, Managing Partner
Selected investments
CompanyFocusRound and dateAmount
CesiumAstroSatellite and defence communications; led by Trousdale VenturesSeries C equity, Feb 20266$270M
Vatn SystemsAutonomous underwater vehicles; led by BVVCSeries A, Dec 20257$60M
QunnectQuantum networking; led by Airbus VenturesSeries A extension, Jun 20258$10M
Impulse SpaceIn-space transportation; led by Linse CapitalSeries C, Jun 20259$300M
Quantum SystemsAerial intelligence drones; led by Balderton CapitalSeries C, May 202510€160M
03 / Aircraft manufacturer incubator

Embraer-X

72.7%Embraer’s stake in Eve
36.9%Stake in XMobots
R$20MTo MSW MultiCorp 2
Embraer filings
ParentEmbraer S.A.
FormMarket incubator and accelerator; venture capital through Embraer Ventures1, 3
BasedMelbourne, Florida; Brazil; Delft, Netherlands1
Established2017; in Embraer’s filings from May 20182, 9
Disclosed capitalNo fund size published
StageIncubation and spin-offs; fund commitments and minority stakes
LeadershipDaniel Moczydlower, President and CEO1

Embraer-X is Embraer’s innovation unit, based in Melbourne, Florida, with offices in Brazil and the Netherlands1, 2. Embraer describes it as a market incubator and accelerator1, 3. Its first spin-off, Eve Air Mobility, listed on the NYSE on 10 May 2022, with Embraer taking $185 million of the PIPE; Embraer owned 72.7 per cent of Eve at the end of 20254, 5. Eve’s full-scale prototype logged its 50th test flight on 9 April 20266.

Venture investing sits in Embraer Ventures, a wholly owned vehicle working through five venture funds and direct stakes3: R$20 million to MSW MultiCorp 2 in January 20237, United’s Sustainable Flight Fund since February 20243, and a stake in drone maker XMobots raised to 36.9 per cent in March 20248.

Outside LPsNo; Embraer’s capital only
Raising now–
Cheque and roleIncubation; fund commitments and minority stakes
Route inDaniel Moczydlower, President and CEO
Selected activity
Company or fundWhat it isEvent and dateAmount
Eve Air MobilityeVTOL aircraft; Embraer-X’s first spin-off; Embraer’s share of the PIPE at listingNYSE listing, May 20224, 10$185M
XMobotsBrazilian drone maker; 10.2 per cent for R$20M in 2022, raised to 36.9 per cent for R$89.9MStake Nov 2022; increase Mar 20247, 8R$109.9M
MSW MultiCorp 2Brazilian seed fund managed by MSW Capital; about 38 per cent of units heldFund commitment, Jan 20235, 7R$20M
Sustainable Flight Fund (United)United’s Sustainable Flight Fund; one of 22 corporate partners (Feb 2024)Fund partner, Feb 20243Undisclosed
Catapult VenturesSilicon Valley funds I, II and Opportunities among Embraer Ventures’ vehiclesFund commitments, undated3Undisclosed
04 / Aircraft and defence manufacturer

Lockheed Martin Ventures

120+PortCos
111Rounds
66Companies
55%Backed twice
Rounds a year
Own count;
CB Insights, 2015–Oct 2026
ParentLockheed Martin Corporation1
FormEvergreen balance-sheet program2, 3
BasedBethesda; Silicon Valley; London4, 5
Established2007, with $100M1
Disclosed capitalCapacity up to $1B (Apr 2026); $500M+ invested1
StageSeed to Series B; cheques $4M to $5M4
LeadershipChris Moran, VP and General Manager6

Lockheed Martin set the fund up in 2007 with $100 million and has raised its capacity three times: to $200 million in June 2018, to $400 million in August 2022 and, in April 2026, to up to $1 billion, the largest step since the fund began, to be drawn over future periods1, 7, 8. The money sits on the corporate balance sheet: the company’s filings carried the holdings as investments held in the Lockheed Martin Ventures Fund, portfolio shares are held by the corporation and its subsidiaries, and no fund entity has filed a Form D3, 9.

By the company’s count the fund has put more than $500 million into more than 120 companies, 25 of them in the two years to April 2026. More than 60 now supply Lockheed Martin, with over $750 million in contracts1. In July 2026 it earmarked at least $100 million for the United Kingdom and Europe and opened a London office5. Terran Orbital, backed in 2017, 2020 and 2022, became the first portfolio company the parent bought, at about $450 million in enterprise value in October 202410, 11.

Outside LPsNo; corporate balance sheet
Raising nowNo; capacity up to $1B (Apr 2026)
Cheque and role$4M to $5M, seed to Series B; led Fortem
Route inChris Moran, VP and General Manager
Selected investments
CompanyFocusRound and dateAmount
Elroy AirAutonomous cargo drones; PIPE for a SPAC listing, as an existing investorPIPE, Sep 202612$175M
Fortem TechnologiesCounter-drone systems; led by Lockheed MartinSeries B, Sep 202613, 14$50M
Venus AerospaceRotating detonation rocket engines; led by Mercury FundSeries B, Jul 202615$91M
Vatn SystemsAutonomous underwater vehicles; led by BVVCSeries A, Dec 202516$60M
X-Bow SystemsSolid rocket motors; strategic portion led by Lockheed MartinSeries B, May 202517$105M+
05 / Airline

United Airlines Ventures

30+PortCos
3Rounds
3Companies
0%Backed twice
PortCos: fund’s own count
Other: CB Insights, to Oct 2026
ParentUnited Airlines
FormCorporate venture unit, plus a multi-partner fuel fund
BasedChicago, Illinois1
EstablishedJune 20211
Disclosed capitalVenture unit: undisclosed. Sustainable Flight Fund: more than $200M committed, as of Feb 20243
StageEarly stage2
LeadershipAndrew Chang, Managing Director; Mukul Hariharan, Managing Partner2, 10

United Airlines Ventures was formed in June 2021 to invest in early-stage companies1. It invests from the airline’s own balance sheet, with no disclosed fund, and reported more than 30 investments as of August 20258. Its 2026 investments include Skypuzzler, Navi AI, Airhart and Enhanced Radar2.

The Sustainable Flight Fund is the disclosed capital: launched in February 2023 with more than $100 million4, it passed $200 million of commitments from 22 corporate partners in February 20243. The JetZero investment carries a conditional order for up to 100 aircraft with an option for 100 more5. The portfolio page lists 30 companies, Boom Supersonic among them, with Archer Aviation, CLEAR and Eve Air Mobility under “monetizations”2.

Outside LPsUnit no; fuel fund has 22 corporate partners
Raising nowFuel fund $200M+ committed (Feb 2024)
Cheque and roleEarly stage; joins rounds others lead
Route inAndrew Chang, MD; Mukul Hariharan, fuel fund
Selected investments
CompanyFocusRound and dateAmount
JetZeroBlended-wing-body aircraft; conditional order for up to 100, option for 100 moreInvestment, Apr 20255Undisclosed
TwelvePower-to-liquid sustainable aviation fuelSustainable Flight Fund, May 20256Undisclosed
HeirloomDirect air capture; right to buy up to 500,000 tons of removalSustainable Flight Fund, Feb 20257Undisclosed
Astro MechanicaSupersonic aircraft and adaptive propulsionInvestment, Aug 20258Undisclosed
Enhanced RadarAI analysis of air traffic control communicationsFunding round, May 20269$7M
06 / Airline

Japan Airlines Ventures

–PortCos
16Rounds
13Companies
23%Backed twice
Rounds a year
Own count;
CB Insights, 2015–Oct 2026
ParentJapan Airlines
FormDedicated funds: Fund I with an external GP; Fund II in-house, the first fully in-house CVC fund of an Asian airline, per JAL1, 3
BasedSilicon Valley, California; business development in Tokyo4
EstablishedFund I Jan 2019; Japan Airlines Ventures, Inc. Feb 20261, 3
Disclosed capitalFund I $70M (Jan 2019); Fund II $50M (Mar 2026)1, 3
StageUndisclosed
LeadershipMasato Kunezaki, CEO, Japan Airlines Ventures4

Japan Airlines set up its first fund in January 2019: the Japan Airlines & TransLink Innovation Fund, $70 million over ten years, with TransLink Capital as general partner and JAL as limited partner1, 2. In March 2026 it launched JAL Innovation Fund II, $50 million, managed by Japan Airlines Ventures, Inc., a wholly owned subsidiary incorporated in Delaware in February 2026 and based in Silicon Valley3, 4.

Fund II targets core aviation, mileage and sustainability, with frontier areas that Global Venturing lists as quantum, robotics, urban air transport and space logistics3, 5. Fund I’s earlier portfolio included Volocopter, which entered insolvency in December 2024 and was integrated into Diamond Aircraft Group in March 202510, 11.

Outside LPsNo; JAL is the only LP
Raising nowFund II, $50M, launched Mar 2026
Cheque and roleUndisclosed; joins rounds others lead
Route inMasato Kunezaki, CEO, Japan Airlines Ventures
Selected investments
CompanyFocusRound and dateAmount
Episode SixPayments and card infrastructure; strategic investment by JALStrategic investment, Mar 20258Undisclosed
BeZero CarbonCarbon credit ratings; Fund I participated, led by GenZeroSeries C, Jan 20256$32M
HeirloomDirect air capture; Japan Airlines among the investorsSeries B, Dec 20247$150M
CapturaDirect ocean capture; Fund I a new investor as the Series A grew to $45.3MSeries A extension, Apr 20242$45.3M
PowerXBattery and energy systems; Fund I investor from Series A; partnership Apr 2025Series B, Aug 20239Undisclosed
07 / Airline

IndiGo Ventures

4PortCos
6Rounds
5Companies
20%Backed twice
PortCos: fund’s own count
Other: CB Insights, to Oct 2026
ParentIndiGo (InterGlobe Aviation Ltd)
FormSEBI-registered alternative investment fund3
BasedGurugram, India11
EstablishedSEBI approval Oct 2024; first close Jul 20253, 4
Disclosed capital₹600 crore target; ₹450 crore first close, Jul 20254
StagePre-Series A to Series B3, 4
LeadershipAnkit Sharma, Managing Partner5, 6

IndiGo disclosed plans for a venture fund in August 20231, 2 and received SEBI approval in October 2024 for a fund of up to ₹600 crore, investing from pre-Series A to Series B in aviation startups and allied consumer businesses3. The fund held a first close of ₹450 crore in July 2025 and made its first investment the same day, in Hyderabad-based Jeh Aerospace4. IndiGo committed ₹300 crore of the first close; Mint reported a further ₹150 crore expected within two years, without saying from whom, and stakes of 5 to 10 per cent per deal5.

Ankit Sharma is Managing Partner; Neetan Chopra, IndiGo’s Chief Digital and Information Officer, is the fund’s founder and director5, 6. Four investments have been disclosed9, and no final close had been announced as of 28 October 2026. Fund size is stated in rupees throughout; IndiGo has published no dollar figure.

Outside LPsOpen to outside LPs; IndiGo ₹300 crore of ₹450 crore
Raising nowYes; ₹600 crore target, no final close
Cheque and rolePre-Series A to B; 5 to 10% stakes
Route inAnkit Sharma, Managing Partner
Selected investments
CompanyFocusRound and dateAmount
Sarvam AIIndian AI models and enterprise AI; participant in the Series BSeries B, Aug 20269, 10Undisclosed
Escape PlanOmnichannel travel platform; strategic investor, led by Jungle VenturesSeries A, Jan 20267$25M
Sarla AviationeVTOL aircraft, Bengaluru; stake disclosed through filingsEquity investment, reported Apr 20268, 9₹10 crore
Jeh AerospaceAero-engine and aerostructure components, Hyderabad; first investmentFirst investment, Jul 20254Undisclosed
08 / Airline

Alaska Star Ventures

12PortCos
5Rounds
5Companies
0%Backed twice
PortCos: fund’s own count
Other: CB Insights, to Oct 2026
ParentAlaska Air Group: Alaska Airlines and Hawaiian Airlines5
FormCorporate venture unit (LLC) investing from the airline, with a venture lab
BasedSeattle, Washington1
EstablishedOctober 20211
Disclosed capitalNot disclosed. First commitment $15M to UP.Partners’ fund, Oct 20213
StageUndisclosed
LeadershipPasha Saleh, Director of Corporate Development, Alaska Airlines4

Alaska Airlines formed Alaska Star Ventures as an LLC in October 2021 to invest in emerging technology in support of its net-zero-by-2040 pledge1, 2. The first commitment was $15 million into UP.Partners’ $230 million inaugural fund, so Alaska started as a limited partner3. No fund size has been disclosed; the unit invests from the airline.

The unit builds companies as well as backing them: the Airline Venture Lab with UP.Labs, announced in October 2023, launched Odysee, an AI flight-schedule optimiser, a year later6, 7. After the Hawaiian Airlines merger, Hawaiian’s startup investments, including REGENT, whose Series B AE Ventures co-led in October 2026, joined the portfolio5. Its page lists twelve names as of October 2026, three of them funds (UP.Partners, The Westly Group and Carbon Direct Capital)5. Stated areas run from operational efficiency and propulsion to sustainable fuel and emissions removal5.

Outside LPsNo; invests from the airline
Raising now–
Cheque and roleStrategic stakes; builds via the venture lab
Route inPasha Saleh, Director of Corporate Development
Selected investments
CompanyFocusRound and dateAmount
AmpaireHybrid-electric propulsion; led by DiamondStream PartnersSeries B, Aug 20268$19M
Loft DynamicsFull-motion virtual reality Boeing 737 simulatorInvestment, Apr 20254Undisclosed
OdyseeAI flight-schedule optimisation, built with UP.LabsCompany launch, Oct 20247–
AIR COMPANYCO₂-to-fuel; Alaska Airlines named as a new investor, led by AvfuelSeries B, Sep 20249$69M
AssaiaAI for aircraft turnaround; equity stakeInvestment, Sep 202310Undisclosed
09 / Airline innovation unit

Lufthansa Innovation Hub

–PortCos
4Rounds
4Companies
0%Backed twice
PortCos: fund’s own count
Other: CB Insights, to Oct 2026
ParentLufthansa Group
FormInnovation unit and company builder; a GmbH within the Group1
BasedBerlin; office in Singapore1, 10
Established20141
Disclosed capitalNone. Investments are made from Group balance sheets1, 3
StaffAbout 60 in 20251, 2
LeadershipFranziska Timmermann, Managing Director, as of Oct 20261

Lufthansa Innovation Hub was founded in Berlin in 2014 and operates as a GmbH, an independent entity within the Lufthansa Group, with about 60 people1, 2, 10. It holds no fund of its own. The Group describes it as its innovation and digitalisation unit: it builds ventures and spin-offs, screens startups for partnership or investment, and structures investments that the Group and its airlines make from their own balance sheets1, 3. Franziska Timmermann is Managing Director1.

The Group’s minority stake in TripActions, announced in January 2020 through the Hub, became a holding in Navan, which listed on Nasdaq in October 20253, 4. SQUAKE and NAVIT were built inside the Hub and spun off5, 8; cargo.one’s 2018 seed round, in which Lufthansa Cargo took a minority stake, was identified and structured by the Hub7, 9.

Outside LPsNo; Group balance sheets
Raising now–
Cheque and roleStructures Group stakes; builds ventures
Route inFranziska Timmermann, Managing Director
Selected investments and spin-offs
CompanyFocusEvent and dateAmount
NavanCorporate travel and expense, formerly TripActions; Group minority stakeStake announced Jan 20203; IPO Oct 20254Undisclosed
SQUAKECarbon calculation for travel and logistics; built in the HubSpin-off Dec 20215; round Jun 20236$3.8M
cargo.oneDigital air cargo booking; Lufthansa Cargo minority stakeSeed, Dec 20187, 9$3.2M
NAVITMobility-budget platform; spun off as RYDESSpin-off, Feb 20218–
HopperFlight price forecasting; Group AI partnership and investmentPartnership, Jan 201911Undisclosed
10 / Airline research commitment

Emirates Aviation Sustainability Fund

$200MCommitted
3 yearsDisbursement window
1Announced project
Emirates
ParentEmirates
FormResearch and development funding commitment
BasedDubai, United Arab Emirates
Announced11 May 20231
Committed capital$200 million over three years, as announced May 20231
Announced projectsOne, as of Oct 20262
OversightEnvironmental Sustainability Executive Steering Group1

Emirates announced the fund on 11 May 2023: $200 million for research and development into advanced fuel and energy technologies, to be disbursed over three years and overseen by the airline’s Environmental Sustainability Executive Steering Group1. The release excludes operating costs such as the purchase of sustainable aviation fuel or offsets. It is a research commitment and holds no portfolio.

The first, and as of October 2026 the only, publicly announced project is a partnership with the University of Cambridge’s Aviation Impact Accelerator, announced on 1 May 2024 with no amount disclosed2, 3. The Emirates Group annual report for 2024–25 names the same partnership and no other5. Emirates has published no statement on any disbursement, or on the fund’s status after its three-year window.

Outside LPsNo
Raising now–
Cheque and roleResearch funding; no equity stakes announced
Route inEnvironmental Sustainability Executive Steering Group
Selected activity
ItemWhat it isDateAmount
Aviation Impact AcceleratorUniversity of Cambridge program; research on emissions-reduction pathways; the fund’s first announced project1 May 20242, 3Undisclosed
100% SAF demonstrationBefore the fund: Boeing 777-300ER from Dubai, one GE90 engine on 100% SAF, with GE Aerospace, Boeing, Honeywell, Neste and Virent30 Jan 20234–
First SAF flightBefore the fund: first Emirates flight on a sustainable aviation fuel blend, from Chicago O’Hare20171, 4–
11 / Airline group

IAGi Ventures, formerly Hangar 51

15PortCos
43Rounds
42Companies
2%Backed twice
Rounds a year
Own count;
CB Insights, 2015–Oct 2026
ParentInternational Airlines Group (IAG)1
FormIAG-funded venturing arm; the accelerator takes no equity1, 2
BasedLondon (IAG); the fund says only Europe1, 3
Established10 March 2025; the Hangar 51 accelerator since 20161, 4
Disclosed capitalUp to €200M over five years (Mar 2025); no close published1, 3
StageSeed to Series B; occasionally leads3
LeadershipRaza Ali, Managing Partner; Ignacio Tovar at IAG5, 6

IAG launched IAGi Ventures on 10 March 2025 with up to €200 million to invest over five years, in IAG’s words the biggest of its kind by a European airline group. The same day it renamed Hangar 51, its accelerator since 2016, the IAGi Accelerator1, 4. The group had backed startups since 2017 with the accelerator as the route in, from Volantio in 2018 to ZeroAvia, backed by British Airways in 2021 and by IAG in 20221, 7, 8, 9.

Five rounds have carried the group’s name since the launch: OXCCU’s £20.75 million Series B in September 2025, the first announced through IAGi Ventures; i6 Group’s $20 million Series B a month later; MAKO’s Series A and a strategic stake in Verve Motion in mid-2026; and Ampaire’s Series B in August 20265, 10, 11, 12, 13. The fund’s page lists fifteen companies and states no cheque size, close or amount deployed; Global Venturing reported the commitment as €40 million a year3, 14.

Outside LPsNo; funded by IAG
Raising nowNo; up to €200M over five years
Cheque and roleSeed to Series B; none of five rounds led
Route inRaza Ali, Managing Partner
Selected investments
CompanyFocusRound and dateAmount
AmpaireHybrid-electric propulsion; led by DiamondStream PartnersSeries B, Aug 20265, 15$19M
Verve MotionWearable exosuits, trialled in baggage handlingStrategic investment, Jul 202613Undisclosed
MAKODrag-reducing aircraft film; led by Virescent VenturesSeries A, Jun 202612, 1628M, currency unstated
i6 GroupFuel-management platform; led by Yttrium; IAG an earlier investorSeries B, Oct 202511$20M
OXCCUCO₂ and hydrogen to jet fuel; IAGi Ventures a new investorSeries B, Sep 202510, 17£20.75M
12 / Venture firm, formerly airline-owned

SKY VC, formerly JetBlue Ventures

38PortCos
63Rounds
48Companies
23%Backed twice
Rounds a year
Own count;
CB Insights, 2015–Oct 2026
ParentSKY Leasing, an aviation lessor; JetBlue a partner1, 2
FormVenture firm; manages JetBlue’s portfolio for a fee2, 3
BasedSan Francisco2
EstablishedFeb 2016, as JetBlue Technology Ventures4
Disclosed capitalNo budget or fund size stated; JetBlue’s retained portfolio carried at $89M (Dec 2025)3
StageSeed and Series A5
LeadershipAmy Burr, CEO; Arielle Ring, President6, 7

JetBlue formed JetBlue Technology Ventures in February 2016 as a Silicon Valley subsidiary investing from the airline’s balance sheet; it became JetBlue Ventures in 20224, 8. On 5 May 2025 SKY Leasing, an aviation asset manager, announced the acquisition, terms undisclosed; the firm then counted 55 early-stage investments, more than 40 follow-on rounds and eight exits1. JetBlue’s 2025 annual report describes a sale of certain assets. The airline kept its portfolio, carried at $89 million at year end, and SKY manages it for a fee3.

The firm took the SKY VC name on 8 September 2025 as SKY Leasing’s independent venture platform, with the lessor’s relationships with more than 100 airlines, MROs and OEMs behind it2. It is seeking limited partners for its next fund; no size or terms have been published9, 10. It lists 38 companies and ten exits as of October 2026, Joby Aviation’s 2021 listing among them, and is an LP in United’s Sustainable Flight Fund11, 12, 13.

Outside LPsRaising its next fund
Raising nowYes; no target or close published
Cheque and roleSeed and Series A
Route inAmy Burr, CEO; Arielle Ring, President
Selected investments
CompanyFocusRound and dateAmount
AssaiaAircraft turnaround AI; led by Armira GrowthSeries B, Dec 202510, 14$26.6M
Beacon AIAI assistant for flight decks; led by Costanoa VenturesSeries A, Oct 202415$15M
AIR COMPANYCO₂-to-fuel; JetBlue Ventures an existing investor; led by AvfuelSeries B, Sep 202416$69M
Aether FuelsSynthetic fuels for aviation and shipping; led by AP VenturesSeries A, Jun 202417$34M
Universal HydrogenHydrogen conversion kits; investor since 2021; the company closedClosed, Jun 202418, 19–
13 / Fund with airline and airport LPs

SHIFT Invest

65+PortCos
89Rounds
71Companies
23%Backed twice
Rounds a year
Own count;
CB Insights, 2015–Oct 2026
ParentNone; KLM, NS and Royal Schiphol Group are among the LPs1, 2
FormIndependent impact venture manager3
BasedAmsterdam4
Established2009, as the Mainport Innovation Fund5
Disclosed capitalSHIFT III €110M (2022); SHIFT IV €92M first close, €150M target (2025)1, 2
StageProof of concept to Series A2
LeadershipJanneke Bik and Guus Verhees, Managing Partners6

KLM, Schiphol, Rabobank and TU Delft set up the Mainport Innovation Fund at the end of 2009, an €8 million vehicle5, 7, 8. Fund II followed in 2015 at €18 million, with NS and the Port of Amsterdam as new backers. In 2019 it made its first cheque, €500,000 into AIIR Innovations, a spin-out of KLM’s maintenance division9, 10, 11, 12. In June 2022 KLM, NS and Royal Schiphol Group moved into SHIFT Invest III, taking it from €70 million to €110 million1, 13.

SHIFT Invest IV held a €92 million first close in July 2025 toward €150 million, Royal Schiphol Group among the named investors; KLM appears on the Dutch Seed Capital register for the fund, and neither publishes what it committed2, 14. The manager counts more than 65 startups. It has held two aviation companies, both from the Mainport funds, and both have exited: Robin Radar to Parcom in October 2024 and AIIR Innovations to Pratt & Whitney in July 2026, terms undisclosed6, 15, 16, 17.

Outside LPsYes; KLM, NS and Schiphol among LPs
Raising nowSHIFT IV: €92M first close, €150M target
Cheque and roleProof of concept to Series A; co-led volytica
Route inJanneke Bik and Guus Verhees, Managing Partners
Selected investments
CompanyFocusRound and dateAmount
AIIR InnovationsAI engine inspection; MIF II’s first cheque; sold to Pratt & Whitney in 2026Round, Sep 201911, 17€500K
Robin RadarBird and drone radar for airports; MIF a lead investor; sold to Parcom in 2024First round, 201216, 18Undisclosed
ViriCitiFleet electrification; MIF invested 2016; sold to ChargePoint for about €75MSale, Aug 202119, 20–
volytica diagnosticsBattery analytics; co-led by SHIFT Invest and EnBW New VenturesRound, Sep 202321€5.5M
RoboatAutonomous inland-waterway vessels; with LUMO LabsRound, Jul 202422€550K
14 / Airline group holding company

Move Digital, formerly AirAsia Digital

99.56%Of BigPay
11%Of Teleport
RM292MNet liability
Capital A filings
ParentCapital A Berhad, formerly AirAsia Group1
FormHolding company; court scheme proposed Sep 20261, 2
BasedKuala Lumpur2
Established2018 as RedBeat Ventures; renamed 2020, 20233, 4, 5
Disclosed capitalNone; RedBeat Capital’s $60M target (2019), no close published6
StageUndisclosed
LeadershipNone named; Tony Fernandes, Group CEO7

AirAsia Group moved nine non-airline digital businesses, BigPay and the BIG loyalty scheme among them, into RedBeat Ventures in December 2018 and called it its digital venture arm3, 8. A $60 million fund with 500 Startups, RedBeat Capital, was announced in March 2019; no close was ever published6. The unit became AirAsia Digital in 2020, incubating BigPay, Teleport, BIGLIFE and Santan, and Move Digital in September 20234, 5.

The parent has since taken the best assets back: AirAsia Move, the travel platform, passed to Capital A on 31 December 2024, and Teleport, which raised $50 million from HPS Investment Partners at a $500 million valuation in January 2026, is held 65 per cent by Capital A directly and 11 per cent by Move Digital9, 10, 11. What remains is 99.56 per cent of BigPay, 13.6 per cent of Tune Protect and a net liability of about RM292 million; on 18 September 2026 Capital A proposed a court-supervised scheme to sell BigPay and settle creditors over up to three years1, 2.

Outside LPsNo
Raising nowNo; scheme of arrangement pending court sanction
Cheque and role–
Route inCapital A; Tony Fernandes, Group CEO
Selected activity
CompanyFocusRound and dateAmount
TeleportAir cargo logistics; pre-IPO securities from HPS Investment PartnersPre-IPO, Jan 202610, 12$50M
BigPayPayments and lending app; round of up to $100M led by SK GroupFinancing, Aug 202113$100M
Gojek ThailandRide-hailing and payments; bought for airasia Super App sharesAcquisition, Jul 202114$50M
DelivereatFood delivery; bought by Teleport in cash and sharesAcquisition, Aug 202115$9.8M
Tune ProtectInsurer; 13.6% stake to be distributed under the schemeStake, disclosed Sep 20261–
15 / Airline, balance-sheet investor

Delta Air Lines

$130MInto Joby
36%Of Wheels Up
5%CLEAR stake, 2016
Delta filings
ParentDelta Air Lines, Inc.1
FormNo venture unit; balance-sheet stakes, case by case1
BasedAtlanta1
EstablishedNo unit; The Hangar at Georgia Tech, 20152
Disclosed capitalNone; Joby $60M (2022); $70M warrant exercise (Jan 2026)3, 4
StageUndisclosed
LeadershipEd Bastian, CEO; Dan Janki, CFO3, 5

Delta names no venture fund or unit; its annual report describes minority equity investments that reinforce strategic alliances, most of them in airlines1, 6. The largest startup position is Joby Aviation: $60 million of common stock in October 2022 with warrants that could take the total to $200 million. In January 2026 Delta exercised 7 million of them at $10 a share3, 4, 7. The Hangar at Georgia Tech, announced in 2015, and the Sustainable Skies Lab, announced in January 2023, test and partner; neither invests2, 8.

Wheels Up was a rescue. Delta folded Delta Private Jets into it in January 2020 for equity. In September 2023 Delta led a $500 million credit facility, putting in $150 million of the term loan and a $100 million liquidity line; the lenders took 80 per cent of the equity. Delta held 36 per cent at the end of 2025, locked up to May 20275, 6, 9, 10, 11. CLEAR, a 5 per cent stake from 2016, was partly sold back to the company in 202410, 12.

Outside LPsNo
Raising now–
Cheque and roleStrategic stakes with commercial terms
Route inCorporate: Ed Bastian, CEO; Dan Janki, CFO
Selected activity
CompanyFocusRound and dateAmount
Joby AviationElectric air taxi; exclusive US and UK partnership; sole investorEquity, Oct 20223$60M
Joby AviationWarrant exercise, 7 million shares at $10; further warrants outstandingWarrants, Jan 20264$70M
Wheels UpPrivate aviation operator; $500M rescue facility led by DeltaCredit facility, Sep 20235, 10$500M
Wheels UpDelta Private Jets combined into Wheels Up for an equity positionCombination, Jan 20209Undisclosed
CLEARBiometric identity; 5% stake, 4 million shares sold back in 2024Stake, 201612Undisclosed

Commitments and connections.

Commitments these corporates have made to funds they do not run, followed by two programs with no fund and the companies that link the fifteen.

Cheques to funds the corporate does not run
CorporateVehicleFormCommitment, as stated
Funds the corporate created or spun out
BoeingAE Industrial HorizonX Fund IIanchor LP; GP spun out$50M announced, Jul 2022; Form D: $45M sold, Jul 2024
Airbus SEAirbus Ventures Fund-Yfounding LPUnder $77.5M (outsiders over half of $155M), Sep 2024
Japan AirlinesJapan Airlines & TransLink Innovation Fund (TransLink Capital as GP)sole LP$70M over ten years, Jan 2019
KLM, NS, Royal SchipholSHIFT Invest III (€110M, Jun 2022); Schiphol again in SHIFT IV, Jul 2025LP commitmentShares undisclosed
Unaffiliated managers
Alaska AirlinesUP.Partners fund ($230M); Westly Group; Carbon Direct CapitalLP commitment$15M, Oct 2021; other two undisclosed, Oct 2026
Embraer VenturesMSW MultiCorp 2LP commitmentR$20M, Jan 2023
Embraer VenturesCatapult Ventures I, II and OpportunitiesLP commitmentUndisclosed, undated
Embraer VenturesUnited’s Sustainable Flight FundconsortiumUndisclosed, Feb 2024
JetBlue VenturesUnited’s Sustainable Flight FundLPUndisclosed, Feb 2024
Most commitments went to funds the corporate created or spun out. Among those to unaffiliated managers, only two carry a published amount: Alaska’s $15 million to UP.Partners and Embraer’s R$20 million to MSW MultiCorp 2. Lockheed Martin, IAG and Delta have made none.
Programs without a fund, not profiled
ProgramParentWhat it is, and the latest sourced fact
Airbus BizLab, then Airbus ScaleAirbus SEAn accelerator launched in Toulouse in March 2015 (Hamburg and Bangalore the same year, Madrid in 2018); Airbus counts 90-plus startups accelerated and seven spin-outs valued at €104 million1, 2. Airbus Scale, launched 3 November 2021, builds on it with company building and later-stage partnering; no capital figure is published3.
KrisLabSingapore AirlinesThe airline’s digital innovation lab, which explores, tests and builds digital solutions with partners. It is not described as an investment fund4.
Other corporate venture investors appear beside the fifteen in the releases cited on the profile pages: RTX Ventures (Reliable Robotics, Vatn Systems), Boeing Ventures (X-Bow Systems), Safran Corporate Ventures (OXCCU) and Airbus Defence and Space (Quantum Systems). Eight companies are backed by more than one of the fifteen: Heirloom (Japan Airlines and United’s fuel fund), Eve (Embraer and United), REGENT (AE Ventures and Alaska), Vatn Systems (Airbus Ventures and Lockheed Martin Ventures), Ampaire (IAGi Ventures and Alaska), Assaia (SKY VC and Alaska), AIR COMPANY (SKY VC and Alaska) and Joby Aviation (SKY VC’s portfolio and Delta’s stake).
04 / Appendix

Appendix.

How the figures were sourced, where an outside investor can get in, and every source in full.

Access map.

Where an outside investor can get in, drawn from the fund profiles and grouped by structure.

FundOutside LPsRaising nowLeads roundsRoute in
Standalone fund
AE VenturesYesFund III openYes: Solestial, REGENTBrian Schettler
Airbus VenturesYes; over half of Fund-YNo new fund announcedYes: Qunnect, Featherless.aiThomas d’Halluin
SHIFT InvestYesSHIFT IV, toward €150MYes: volytica, co-ledJanneke Bik; Guus Verhees
IndiGo VenturesOpenToward ₹600 croreNo lead disclosedAnkit Sharma
Japan Airlines VenturesNo; captiveFund II, $50M (Mar 2026)NoMasato Kunezaki
Balance sheet
Lockheed Martin VenturesNoCapacity up to $1BYes: FortemChris Moran
United Airlines VenturesFuel fund onlyFuel fund $200M+NoAndrew Chang; Mukul Hariharan
IAGi VenturesNoPlan of up to €200MNo; none of five ledRaza Ali
Alaska Star VenturesNo–NoPasha Saleh
Lufthansa Innovation HubNo––Franziska Timmermann
Embraer-XNo––Daniel Moczydlower
Delta Air LinesNo–Sole investor in JobyCorporate: Dan Janki, CFO
Restructured
SKY VCSeeking LPsNext fund, no target–Amy Burr
Move DigitalNoNo; scheme proposed–Capital A
R&D
Emirates Sustainability FundNo––Executive Steering Group
Standalone fund. A fund vehicle with a stated size, captive or open to outside LPs.
Balance sheet. The parent invests directly from its own accounts, with no separate fund.
Restructured. The venture unit has been sold or put into a court-supervised scheme.
R&D. A research funding commitment that takes no equity stakes.

Method and notes.

Every figure was checked on 28 October 2026 against a primary source: the company’s or fund’s own release, website or filing (SEC, SEBI, Japanese and Brazilian disclosures) or, where none existed, an established trade or financial outlet. Space Capital’s statement of its own data counts as primary. Our own views are set in black: the summary takeaways and the short commentary under the Deals and Disclosed capital charts. Everything else is sourced. Fund sizes are given as targets, first closes, amounts raised or sold, or stated sizes, each with the date of its document. Round amounts are for the whole round, since a corporate investor’s own share is rarely disclosed. All dollar figures are US dollars; other currencies are as reported. The only conversions are two rupee figures and four euro figures in the capital chart, at the rates given there, and the database’s US-dollar figures in the deals table. Page 8 is also the one page built on a subscription source: a CB Insights export run on the funds’ names, used for cadence and follow-on, with the funds’ own documents carrying the counts. The fifteen are the venture funds and programs of aircraft and defence manufacturers, airlines and airline groups with a public record, plus one independent fund with an airline and an airport as LPs. “Fund” is the collective term here, and each profile states the actual form. Other primes’ and suppliers’ funds are left for a later edition.

Notes on sourcing
Attribution. Where a release names “Lockheed Martin” or “IAG” as the investor, the tables print that attribution; the fund’s own portfolio list is what links the deal to the fund.
Conversions. The rupee and euro figures in the capital chart are converted at the European Central Bank’s reference rates of 28 October 2026: $1.1133 per euro and 95.22 rupees per dollar, crossed through the euro. The profiles keep the original currency. MAKO’s $28 million round is printed as reported, with no currency marker in the source.
The JetBlue sale. SKY Leasing’s release describes an acquisition of JetBlue Ventures. JetBlue’s 2025 annual report describes a sale of certain assets, with the portfolio kept by JetBlue and managed by SKY for a fee. The profile follows the filing.
KLM in SHIFT IV. KLM appears as an investor on the Dutch Seed Capital register (RVO). SHIFT’s first-close release does not name it.
Teleport’s ownership. Capital A documents give different figures; the profile uses the June 2026 reply to Bursa Malaysia: 65.41 per cent held directly and 11.45 per cent through Move Digital.
Round amounts. Amounts in the tables are the whole round. A corporate investor’s own share is given only where the investor was the sole investor or disclosed it.

Sources.

Every source behind the figures in this report, by page of the print edition.

06 · Fund formation, 2014–2026

  1. Space Capital, 21 Jan 2026, "Space IQ: Q4 2025 Review", the firm's own quarterly review (podcast page; the report series is at spacecapital.com/reports). spaceangels.libsyn.com/space-iq-q4-2025-review
  2. Forbes, 16 Jan 2026, "Investors put more than $55 billion behind space startups last year", reporting the Space Capital total. forbes.com/sites/the-prototype/2026/01/16/investors-put-more-than-55-billion-behind-space-startups-last-year/
  3. Space Capital, 13 Oct 2026, "Space IQ: Q3 2026" report. spacecapital.com/reports/space-iq-q3-2026

07 · Notable transactions

  1. REGENT, 20 Oct 2026, "Series B: Unlocking REGENT's next phase of growth", the co-leads Mare Liberum and AE Ventures. regentcraft.com/news/series-b-unlocking-regents-next-phase-of-growth-mare-liberum-ae-ventures
  2. York Space Systems, 4 Jun 2026, "York Space Systems closes acquisition of Solestial". ir.yorkspacesystems.com/news/news-details/2026/York-Space-Systems-Closes-Acquisition-of-Solestial-U-S--Sourced-Space-Solar-Capability/default.aspx
  3. Fenwick, 21 Apr 2026, "Fenwick represents Reliable Robotics in $160M Series D"; Reliable Robotics (Business Wire), 20 Oct 2026, $115M extension. fenwick.com/insights/experience/fenwick-represents-reliable-robotics-in-160m-series-d-funding · financialcontent.com/article/bizwire-2026-10-20-reliable-robotics-secures-115m-in-new-capital
  4. CesiumAstro, 2 Feb 2026, "CesiumAstro closes $470M Series C". cesiumastro.com/press-release/cesiumastro-closes-470m-series-c
  5. Boom Supersonic, 9 Dec 2025, $300 million round led by Darsana Capital Partners. boomsupersonic.com/press-release/boom-supersonic-to-power-ai-data-centers
  6. Navan, 29 Oct 2025, "Navan announces pricing of initial public offering". investors.navan.com/news-releases/news-release-details/navan-announces-pricing-initial-public-offering
  7. Impulse Space (Business Wire), 3 Jun 2025, "$300 million Series C". businesswire.com/news/home/20250603503683/en/
  8. Lockheed Martin, 30 Oct 2024, completion of the Terran Orbital acquisition. news.lockheedmartin.com/2024-10-30-Lockheed-Martin-Advances-Space-Capabilities-through-Strategic-Terran-Orbital-Acquisition
  9. Lockheed Martin, 15 Aug 2024, "Lockheed Martin to acquire Terran Orbital". news.lockheedmartin.com/2024-08-15-Lockheed-Martin-to-Acquire-Terran-Orbital

08 · Deals

  1. CB Insights, two exports by Kennox, 28 Oct 2026: investor search on eleven funds (358 rounds) and deal search on Lockheed Martin Ventures and SHIFT Invest (215 rounds). cbinsights.com

12 · Disclosed capital, by segment

  1. U.S. Securities and Exchange Commission, Form D for HorizonX Fund I, filed 11 Aug 2021: $66.0 million sold. sec.gov/Archives/edgar/data/1877628/000187762821000001/primary_doc.xml
  2. European Central Bank, euro foreign exchange reference rates, 28 Oct 2026: rupee rate; crossed with $1.1133 per euro, 95.22 rupees per dollar. ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/eurofxref-graph-inr.en.html
  3. European Central Bank, euro foreign exchange reference rates, 28 Oct 2026: US$1.1133 per euro. ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/eurofxref-graph-usd.en.html

13 · AE Ventures

  1. AE Industrial Partners, AE Ventures page. aeroequity.com/ventures/
  2. Boeing, 5 Apr 2017, "Boeing forms new innovation cell". boeing.mediaroom.com/2017-04-05-Boeing-Forms-New-Innovation-Cell-Invests-in-Tech-Companies-Upskill-Zunum-Aero
  3. AE Industrial Partners, 5 Aug 2021, strategic partnership with Boeing at HorizonX Ventures. aeroequity.com/ae-industrial-partners-and-the-boeing-company-form-strategic-partnership-to-expand-early-stage-investing-at-horizonx-ventures/
  4. Boeing, 20 Jul 2022, "Boeing and AE Industrial Partners launch second venture fund". boeing.mediaroom.com/2022-07-20-Boeing-and-AE-Industrial-Partners-Launch-Second-Venture-Fund-to-Invest-in-Innovative-Aerospace-and-Defense-Startups
  5. SEC, Form D/A, AE Industrial HorizonX Venture Fund II, LP, 17 Jul 2024. sec.gov/Archives/edgar/data/1938031/000193803124000001/primary_doc.xml
  6. Global Venturing, 9 Mar 2023, "Spin to win: why Boeing spun out its venture unit". globalventuring.com/corporate/industrial/spin-to-win-why-boeing-spun-out-its-venture-unit/
  7. AE Industrial Partners, 2025 Year in Review. aeroequity.com/wp-content/uploads/AE-Industrial-Partners-2025-Year-In-Review.pdf
  8. SEC, Form D/A, AE Ventures Fund III, LP, 13 Oct 2026. sec.gov/Archives/edgar/data/2048362/000204836226000009/primary_doc.xml
  9. AE Industrial Partners, 15 May 2025, "Solestial announces $17M Series A". aeroequity.com/solestial-announces-17m-series-a-funding-round-to-scale-space-solar-manufacturing/
  10. York Space Systems (Business Wire), 4 Jun 2026, closing of the Solestial acquisition; AE Industrial Partners, portfolio: York. businesswire.com/news/home/20260604394501/en/ · aeroequity.com/investment/york/
  11. Fenwick, 21 Apr 2026, "Fenwick represents Reliable Robotics in $160M Series D"; Reliable Robotics (Business Wire), 20 Oct 2026, $115M extension. fenwick.com/insights/experience/fenwick-represents-reliable-robotics-in-160m-series-d-funding · financialcontent.com/article/bizwire-2026-10-20-reliable-robotics-secures-115m-in-new-capital
  12. Last Energy, 16 Dec 2025, "Last Energy announces oversubscribed $100 million Series C". lastenergy.com/news-press/last-energy-announces-oversubscribed-100-million-series-c
  13. REGENT, 20 Oct 2026, "Series B: Unlocking REGENT's next phase of growth", the co-leads Mare Liberum and AE Ventures. regentcraft.com/news/series-b-unlocking-regents-next-phase-of-growth-mare-liberum-ae-ventures
  14. U.S. Securities and Exchange Commission, Form D for AE Industrial HorizonX Fund I, filed 11 Aug 2021: $66.0 million sold. sec.gov/Archives/edgar/data/1877628/000187762821000001/primary_doc.xml

14 · Airbus Ventures

  1. CNBC, 12 Sep 2024, "Airbus Ventures launches $155 million fund focused on deep tech, including space". cnbc.com/2024/09/12/airbus-ventures-fund-deep-tech-space.html
  2. Global Venturing, 24 Jun 2024, "Powerlist 2024: Thomas d'Halluin, Airbus Ventures". globalventuring.com/corporate/powerlist-2024-thomas-dhalluin/
  3. Airbus Ventures (Business Wire), 14 Aug 2020, Fund III investors and Tokyo office. businesswire.com/news/home/20200814005068/en/
  4. Airbus Ventures, team page. airbusventures.vc/team
  5. Global Venturing, 13 Sep 2024, "Airbus Ventures launches a $155m deep and space tech fund". globalventuring.com/corporate/transport/airbus-ventures-launches-a-155m-deep-and-space-tech-fund/
  6. CesiumAstro, 2 Feb 2026, "CesiumAstro closes $470M Series C". cesiumastro.com/press-release/cesiumastro-closes-470m-series-c
  7. Vatn Systems (PR Newswire), 10 Dec 2025, "$60 million Series A". prnewswire.com/news-releases/vatn-systems-raises-60-million-series-a-to-redefine-underwater-naval-warfare-at-scale-302637203.html
  8. Qunnect (PR Newswire), 24 Jun 2025, "$10 million Series A extension led by Airbus Ventures". prnewswire.com/news-releases/quantum-networking-pioneer-qunnect-raises-10-million-in-oversubscribed-series-a-extension-spearheaded-by-airbus-ventures-with-participation-from-cisco-investments-302489320.html
  9. Impulse Space (Business Wire), 3 Jun 2025, "$300 million Series C". businesswire.com/news/home/20250603503683/en/
  10. Omnes Capital, 6 May 2025, copy of the Quantum Systems €160M release; Latham & Watkins, 16 May 2025, adviser release. omnescapital.com/press-release/quantum-systems-raises-e160m-as-it-targets-global-leadership-in-aerial-intelligence-solutions · lw.com/en/news/2025/05/latham-watkins-advises-airbus-ventures-on-investment-in-quantum-systems
  11. Wavemaker Ventures, 1 May 2026, "Featherless.ai raises $20 million Series A", co-led by AMD Ventures and Airbus Ventures. wavemaker.vc/featherless-ai-raises-20-million-series-a-build-neutral-foundation-open-source-ai/

15 · Embraer-X

  1. Embraer-X, About. embraerx.embraer.com/about.html
  2. Embraer, Form 6-K, 8 May 2018. sec.gov/Archives/edgar/data/1355444/000129281418001629/embraer20180508_6k.htm
  3. Embraer, Form 6-K (annual general meeting manual), 1 Apr 2025. sec.gov/Archives/edgar/data/1355444/000129281425001301/erj20250331_6k1.htm
  4. Eve Holding, Form 8-K, exhibit 99.2, 9 May 2022. sec.gov/Archives/edgar/data/1823652/000119312522150258/d337083dex992.htm
  5. Embraer, Form 20-F for 2025, 30 Mar 2026. sec.gov/Archives/edgar/data/1355444/000162828026021824/erj-20251231.htm
  6. Eve Air Mobility, 9 Apr 2026, 50th successful test flight. ir.eveairmobility.com/news-events/press-releases/detail/108/eve-air-mobility-builds-flight-test-momentum-with-50
  7. Embraer, Form 6-K (reference form excerpt), 11 Apr 2023. sec.gov/Archives/edgar/data/1355444/000129281423001449/embraer20230403_6k1.htm
  8. Embraer, Form 6-K, exhibit 99.2, financial statements note 10.1, 5 Feb 2025. sec.gov/Archives/edgar/data/1355444/000119312525020475/d835483dex992.htm
  9. Airways Magazine, 19 Aug 2022, "Embraer 53rd anniversary". airwaysmag.com/legacy-posts/embraer-53rd-anniversary
  10. Eve Holding, Form S-1, June 2022. sec.gov/Archives/edgar/data/1823652/000119312522164292/d349216ds1.htm

16 · Lockheed Martin Ventures

  1. Lockheed Martin, 14 Apr 2026, "Lockheed Martin authorizes increase to venture capital fund up to $1 billion". news.lockheedmartin.com/2026-04-14-Lockheed-Martin-Authorizes-Increase-to-Venture-Capital-Fund-up-to-1-Billion
  2. Lockheed Martin, "Lockheed Martin Ventures" page, read 28 Oct 2026. lockheedmartin.com/en-us/who-we-are/lockheed-martin-ventures.html
  3. Lockheed Martin Corporation, Form 10-Q for the quarter ended 27 Mar 2022, note 3 ("investments held in Lockheed Martin Ventures Fund"). sec.gov/Archives/edgar/data/936468/000093646822000048/lmt-20220327.htm
  4. National Security Innovation Network (US Department of Defense), 21 Feb 2024, "Investor spotlight: Lockheed Martin Ventures". nsin.mil/news/2024-02-21-investorspotlight-lmv
  5. Lockheed Martin, 16 Jul 2026, "Lockheed Martin earmarks $100 million for venture capital investments in U.K., Europe". news.lockheedmartin.com/2026-07-16-Lockheed-Martin-Earmarks-100-Million-for-Venture-Capital-Investments-in-U-K-,-Europe
  6. Lockheed Martin, Chris Moran biography page, read 28 Oct 2026. lockheedmartin.com/en-us/who-we-are/lockheed-martin-ventures/chris-moran.html
  7. Lockheed Martin, 7 Jun 2018, "Lockheed Martin announces $100 million venture fund increase". news.lockheedmartin.com/2018-06-07-Lockheed-Martin-Announces-100-Million-Venture-Fund-Increase
  8. Lockheed Martin, 2 Aug 2022, "Lockheed Martin doubles the size of venture capital fund to $400 million". news.lockheedmartin.com/2022-08-02-Lockheed-Martin-Doubles-Size-of-Venture-Capital-Fund-to-400-million
  9. Lockheed Martin Corporation and Astrolink International LLC, Schedule 13D/A on Terran Orbital, filed 1 Mar 2024. sec.gov/Archives/edgar/data/1835512/000093646824000019/lmtschedule13da-terranorbi.htm
  10. Terran Orbital Corporation, Form 8-K exhibit 99.1, 15 Aug 2024, "Lockheed Martin to acquire Terran Orbital". sec.gov/Archives/edgar/data/1835512/000095017024097380/llap-ex99_1.htm
  11. Terran Orbital Corporation, Form 8-K exhibit 99.1, 30 Oct 2024, completion of the acquisition. sec.gov/Archives/edgar/data/1835512/000095017024118608/llap-ex99_1.htm
  12. Inflection Point Acquisition Corp. VII, Form 425, 25 Sep 2026, "Elroy Air announces upsizing of PIPE investments to $175 million with participation from Lockheed Martin Ventures". sec.gov/Archives/edgar/data/0002088805/000121390026103123/ea0306602-425_inflection7.htm
  13. Fortem Technologies (Utah Business), 30 Sep 2026, "Fortem Technologies closes $50 million Series B led by Lockheed Martin". utahbusiness.com/press-releases/2026/10/05/fortem-technologies-closes-50-million-series-b-lockheed-martin-scale-production/
  14. Lockheed Martin, 22 Apr 2026, "Lockheed Martin invests $25M in Fortem Technologies". news.lockheedmartin.com/2026-04-22-Lockheed-Martin-Invests-25M-in-Fortem-Technologies-to-Meet-Urgent-Demand-for-Countering-UAS-Threats
  15. Venus Aerospace, 8 Jul 2026, "Venus Aerospace raises $91M" Series B, led by Mercury Fund. venusaero.com/newsroom/venus-aerospace-raises-91m-series-b
  16. Vatn Systems (VC Access Online), 10 Dec 2025, "Vatn Systems raises $60 million Series A", led by BVVC. vcaonline.com/news/2025121007/vatn-systems-raises-60-million-series-a-to-redefine-underwater-naval-warfare-at-scale/
  17. X-Bow Systems (VC Access Online), 12 May 2025, "X-Bow Systems announces final closing of over $105 million Series B funding". vcaonline.com/news/2025051201/x-bow-systems-announces-final-closing-of-over-105-million-series-b-funding-to-deliver-state-of-the-art-defense-technologies-at-speed-and-scale/

17 · United Airlines Ventures

  1. United Airlines, 10 Jun 2021, "United advances innovation through corporate venture capital fund". united.mediaroom.com/2021-06-10-United-Advances-Innovation-Through-Corporate-Venture-Capital-Fund
  2. United Airlines Ventures, About, Portfolio and News pages. unitedairlinesventures.com/about · unitedairlinesventures.com/portfolio · unitedairlinesventures.com/news
  3. United Airlines, 14 Feb 2024, "United adds new corporate partners to Sustainable Flight Fund that now exceeds $200 million". united.mediaroom.com/2024-02-14-United-Adds-New-Corporate-Partners-to-Sustainable-Flight-Fund-That-Now-Exceeds-200-Million
  4. Reuters, 21 Feb 2023, "United Airlines launches $100 mln sustainable fuel investment fund". reuters.com/business/sustainable-business/united-airlines-launches-100-mln-sustainable-fuel-investment-fund-2023-02-21/
  5. United Airlines, 24 Apr 2025, "United invests in next-generation blended wing aircraft start-up JetZero". united.mediaroom.com/2025-04-24-United-Invests-in-Next-Generation-Blended-Wing-Aircraft-Start-Up-JetZero
  6. United Airlines, 6 May 2025, investment in power-to-liquid fuels company Twelve. united.mediaroom.com/2025-05-06-Air-to-Jet-Fuel-United-Announces-Investment-in-Power-to-Liquid-Fuels-Company-Twelve
  7. United Airlines, 25 Feb 2025, "United Sustainable Flight Fund invests in Heirloom to scale direct air capture". united.mediaroom.com/2025-02-25-United-Sustainable-Flight-Fund-Invests-in-Heirloom-to-Scale-Direct-Air-Capture
  8. United Airlines Ventures (PR Newswire), 20 Aug 2025, investment in Astro Mechanica. prnewswire.com/news-releases/united-airlines-ventures-invests-in-aerospace-startup-astro-mechanica-302534123.html
  9. Enhanced Radar, 12 May 2026, "Enhanced Radar raises $7 million to accelerate growth"; Flying Magazine, 13 May 2026. enhancedradar.com/enhanced-radar-raises-7-million-to-accelerate-growth · flyingmag.com/united-airlines-startup-enhanced-radar/
  10. Global Venturing, 22 Jun 2026, "Powerlist 2026: Andrew Chang, United Airlines Ventures". globalventuring.com/people/powerlist-2026-andrew-chang-united-airlines-ventures/

18 · Japan Airlines Ventures

  1. Japan Airlines, 24 Jan 2019, Japan Airlines Innovation Fund formation release (Japanese). press.jal.co.jp/ja/release/201901/005028.html
  2. Captura, 11 Apr 2024, Series A extension to US$45.3M. capturacorp.com/?p=911
  3. Japan Airlines, 3 Mar 2026, launch of JAL Innovation Fund II and Japan Airlines Ventures, Inc. press.jal.co.jp/en/release/202603/009411.html
  4. Japan Airlines, fund formation document attached to the 3 Mar 2026 release. press.jal.co.jp/en/items/uploads/Fund%20formation_%20JAL%20Innovation%20Fund%20II%20.pdf
  5. Global Venturing, 4 Mar 2026, "Japan Airlines launches $50m second VC fund under new in-house ventures unit". globalventuring.com/corporate/asia/japan-airlines-launches-50m-second-vc-fund-under-new-in-house-ventures-unit/
  6. BeZero Carbon, Jan 2025, "BeZero Carbon raises US$32 million Series C". bezerocarbon.com/insights/bezero-carbon-raises-us-32-million-series-c
  7. Heirloom, 4 Dec 2024, "Heirloom closes $150 million Series B". heirloomcarbon.com/news/heirloom-closes-150-million-series-b
  8. Episode Six, 5 Mar 2025, "Japan Airlines makes strategic investment in Episode Six". episodesix.com/blog/japan-airlines-makes-strategic-investment-in-episode-six
  9. PowerX, 17 Aug 2023, Series B release; PowerX, 11 Apr 2025, strategic partnership with JAL Group. power-x.jp/newsroom/powerx-raises-in-series-b-funding-round · power-x.jp/en/newsroom/2025-04-11
  10. Volocopter, 29 Sep 2020, agreement with Japan Airlines; investor list including the JAL Innovation Fund via TransLink. volocopter.com/en/newsroom/japan-airlines-and-volocopter-sign-agreement-to-develop-and-launch-air-mobility-services-in-japan
  11. Volocopter, 20 Mar 2025, reorganisation and integration into Diamond Aircraft Group. volocopter.com/en/newsroom/vc-reorganization-success

19 · IndiGo Ventures

  1. Inc42, 3 Aug 2023, "IndiGo sets sights on aviation, allied startups with VC fund". inc42.com/buzz/indigo-sets-sights-aviation-allied-startups-vc-fund
  2. Global Venturing, 3 Aug 2023, "IndiGo CVC to launch in 2026". globalventuring.com/corporate/fundraising/indigo-cvc-to-launch-in-2026/
  3. IndiGo, 15 Oct 2024, "IndiGo Ventures gets SEBI approval to launch venture capital fund". goindigo.in/press-releases/indigo-ventures-gets-sebi-approval-to-launch-venture-capital-fund.html
  4. IndiGo, 9 Jul 2025, first close of ₹450 crore and investment in Jeh Aerospace. goindigo.in/press-releases/indigo-ventures-launches-with-450cr-fund-jeh-aerospace-investment.html
  5. Mint, 13 Aug 2025, "IndiGo's VC arm to back early-stage startups". livemint.com/companies/news/indigo-ventures-startup-investmentaviation-corporate-venture-capital-india-11754996577214.html
  6. Inc42, 15 Oct 2024, "IndiGo gets SEBI nod to float VC arm to back startups". inc42.com/buzz/indigo-gets-sebi-nod-to-float-vc-arm-to-back-startups
  7. IndiGo, 22 Jan 2026, "Escape Plan secures $25 million in Series A funding". goindigo.in/press-releases/escape-plan-25-million-series-a-funding.html
  8. YourStory, 16 Apr 2026, "IndiGo invests in air taxi maker Sarla Aviation". yourstory.com/2026/04/indigo-invests-air-taxi-maker-sarla-aviation
  9. Business Standard, 28 Aug 2026, "IndiGo Ventures invests in AI firm Sarvam as part of Series B round". business-standard.com/companies/start-ups/indigo-ventures-invests-in-ai-firm-sarvam-as-part-of-series-b-round-126082801204_1.html
  10. Business Today, 28 Aug 2026, "IndiGo Ventures invests in Sarvam to enhance artificial intelligence in aviation". businesstoday.in/technology/story/indigo-ventures-invests-in-sarvam-to-enhance-artificial-intelligence-in-aviation-551993-2026-08-28
  11. Private Equity International, institution profile: IndiGo Ventures. privateequityinternational.com/institution-profiles/indigo-ventures.html

20 · Alaska Star Ventures

  1. Alaska Airlines, 18 Oct 2021, "Alaska Airlines launches investment arm to accelerate progress to net zero". news.alaskaair.com/newsroom/alaska-airlines-launches-investment-arm-to-accelerate-progress-to-net-zero/
  2. Alaska Airlines, 21 Apr 2021, carbon, waste and water goals for 2025 and the path to net zero by 2040. news.alaskaair.com/newsroom/alaska-airlines-commits-to-carbon-waste-and-water-goals-for-2025-announces-path-to-net-zero-by-2040/
  3. TechCrunch, 18 Oct 2021, "Alaska Airlines launches new venture arm with first investment in UP.Partners' $230M fund". techcrunch.com/2021/10/18/alaska-airlines-launches-new-venture-arm-with-first-investment-in-up-partners-230m-fund
  4. Alaska Airlines, 4 Apr 2025, "Alaska Airlines announces investment in Loft Dynamics". news.alaskaair.com/company/alaska-airlines-announces-investment-in-loft-dynamics/
  5. Alaska Airlines, Alaska Star Ventures page. alaskaair.com/content/alaska-star-ventures
  6. Alaska Airlines, 5 Oct 2023, "Alaska Airlines joins forces with UP.Labs to launch Airline Venture Lab". news.alaskaair.com/other-news/alaska-airlines-joins-forces-with-up-labs-to-launch-airline-venture-lab/
  7. Alaska Airlines, 2 Oct 2024, launch of Odysee with UP.Labs. news.alaskaair.com/company/alaska-airlines-up-labs-launch-odysee-ai-enabled-startup-taking-a-new-approach-to-schedule-optimization/
  8. Aviation Week, 18 Aug 2026, "Ampaire raises Series B, studies hybrid-electric APUs" (Ampaire release of the same date). aviationweek.com/business-aviation/aircraft-propulsion/ampaire-raises-series-b-studies-hybrid-electric-apus
  9. AIR COMPANY (Business Wire), 18 Sep 2024, $69 million Series B. businesswire.com/news/home/20240918043849/en
  10. Alaska Airlines, 28 Sep 2023, "Alaska Airlines joins Assaia's strategic partner community". news.alaskaair.com/other-news/alaska-airlines-joins-assaias-strategic-partner-community/

21 · Lufthansa Innovation Hub

  1. Lufthansa Innovation Hub, Fact Sheet, October 2026. lh-innovationhub.de/wp-content/uploads/2026/10/Fact_Sheet_October_2026.pdf
  2. Lufthansa Group, Annual Report 2025, research and development. report.lufthansagroup.com/2025/annual-report/en/combined-management-report/principles-of-the-group/research-and-development/
  3. Lufthansa Group, 21 Jan 2020, "Lufthansa Group and TripActions kick off strategic partnership". newsroom.lufthansagroup.com/en/lufthansa-group-and-tripactions-kick-off-strategic-partnership/
  4. Navan, 29 Oct 2025, "Navan announces pricing of initial public offering". investors.navan.com/news-releases/news-release-details/navan-announces-pricing-initial-public-offering
  5. Lufthansa Group, 15 Dec 2021, "Lufthansa Innovation Hub spins off climate-tech start-up SQUAKE". newsroom.lufthansagroup.com/en/lufthansa-innovation-hub-spins-off-climate-tech-start-up-squake/
  6. Skift, 23 Jun 2023, "Squake raises $3.8 million to calculate travel carbon emissions". skift.com/2023/06/23/squake-raises-3-8-million-to-calculate-travel-carbon-emissions-startup-funding-roundup/
  7. cargo.one, 4 Dec 2018, "Seed financing". cargo.one/blog/seed-financing
  8. Lufthansa Innovation Hub, 10 Feb 2021, spin-off of the startup RYDES. lh-innovationhub.de/wp-content/uploads/2021/02/Press_Release_LIH-spins-off-startup-RYDES-1.pdf
  9. Lufthansa Innovation Hub, portfolio: cargo.one. lh-innovationhub.de/en/projekt/cargo-one-2/
  10. Lufthansa Innovation Hub, 29 Aug 2024, 10th anniversary press release. lh-innovationhub.de/wp-content/uploads/2024/10/LIH_10_Anniversary_Press_Release.pdf
  11. Lufthansa Group, 21 Jan 2019, "Lufthansa Group invests in artificial intelligence partnership with Hopper". newsroom.lufthansagroup.com/en/lufthansa-group-invests-in-artificial-intelligence-partnership-with-hopper/

22 · Emirates Aviation Sustainability Fund

  1. Emirates, 11 May 2023, "Emirates creates US$ 200 million aviation sustainability fund". emirates.com/media-centre/emirates-creates-us-200-million-aviation-sustainability-fund/
  2. Emirates, 1 May 2024, partnership with the Aviation Impact Accelerator. emirates.com/media-centre/emirates-partners-with-aviation-impact-accelerator-pledging-funding-for-research-and-development-of-emissions-reduction-pathways/
  3. Aviation Impact Accelerator, University of Cambridge, 1 May 2024, same announcement. aiazero.org/emirates-partners-with-aviation-impact-accelerator-pledging-funding-for-research-and-development-of-emissions-reduction-pathways/
  4. Emirates, 30 Jan 2023, demonstration flight with 100% sustainable aviation fuel in one engine. emirates.com/media-centre/emirates-operates-milestone-demonstration-flight-powered-with-100-sustainable-aviation-fuel/
  5. Emirates Group, Annual Report 2024–25, p. 11. c.ekstatic.net/ecl/documents/annual-report/2024-2025.pdf (theemiratesgroup.com/annualreport)

23 · IAGi Ventures, formerly Hangar 51

  1. IAG plc, 10 Mar 2025, "IAG to invest up to €200 million in venturing with launch of IAGi Ventures". iairgroup.com/media/kihm3abe/iag-iagi-funding-announcement-10-march-2025.pdf
  2. IAG plc, 27 Mar 2025, "Calling global innovators: IAG opens applications for IAGi Accelerator 2025" (the accelerator takes no equity). iairgroup.com/press-releases/2025/calling-global-innovators-iag-opens-applications-for-iagi-accelerator-2025/
  3. IAGi, "Ventures" page, read 28 Oct 2026. iaginnovation.com/ventures
  4. IAGi, 10 Mar 2025, "Hangar 51 becomes IAGi". iaginnovation.com/news/hangar-51-becomes-iagi
  5. IAG plc, 18 Aug 2026, "International Airlines Group (IAG) backs Ampaire with a new investment to help adapt hybrid-electric technologies for commercial aviation". iairgroup.com/press-releases/2026/international-airlines-group-iag-backs-ampaire-with-a-new-investment-to-help-adapt-hybrid-electric-technologies-for-commercial-aviation/
  6. IAG plc, 26 Mar 2026, "IAGi Accelerator marks a decade of innovation impact as applications for 2026 programme open". iairgroup.com/press-releases/2026/iagi-accelerator-marks-a-decade-of-innovation
  7. Hosteltur, 19 Apr 2018, "IAG invierte en Volantio". hosteltur.com/127728_iag-invierte-volantio-startup-flexibiliza-gestion-vuelos.html
  8. British Airways, 31 Mar 2021, investment in ZeroAvia ($24.3M round). mediacentre.britishairways.com/pressrelease/details/12973
  9. ZeroAvia, 20 Jul 2022, "ZeroAvia Secures Additional $30 Million in Funding from IAG, Barclays, NEOM & AENU". zeroavia.com/zeroavia-secures-additional-30-million-in-funding-from-iag-barclays-neom-aenu-2/
  10. IAG plc, 29 Sep 2025, "IAG announces strategic investment in sustainable aviation fuel start-up OXCCU". iairgroup.com/press-releases/2025/iag-announces-strategic-investment-in-sustainable-aviation-fuel-start-up-oxccu/
  11. i6 Group, Oct 2025, "i6 Group Raises $20 Million in Series B Funding", led by Yttrium; IAG an existing investor. i6.io/blog/i6-group-raises-20-million-in-series-b-funding
  12. Future Travel Experience, 2 Jul 2026, "IAG invests in MAKO to accelerate drag-reducing Flightfilm technology for aviation" (Series A led by Virescent Ventures). futuretravelexperience.com/2026/07/iag-invests-in-mako-to-accelerate-drag-reducing-flightfilm-technology-for-aviation/
  13. IAG plc, 7 Jul 2026, "International Airlines Group (IAG) announces strategic investment in wearable robotics start-up". iairgroup.com/press-releases/2026/international-airlines-group-iag-announces-strategic-investment-in-wearable-robotics/
  14. Global Venturing, 3 Jun 2025, "British Airways owner IAG wants to create world's best airline VC" (€40M a year for five years). globalventuring.com/corporate/corporate-venturer/british-airways-owner-iag-wants-to-create-worlds-best-airline-vc/
  15. Aviation Week, 18 Aug 2026, "Ampaire raises Series B, studies hybrid-electric APUs" (US$19M, led by DiamondStream Partners). aviationweek.com/business-aviation/aircraft-propulsion/ampaire-raises-series-b-studies-hybrid-electric-apus
  16. SmartCompany, 30 Jun 2026, "MAKO raises $28 million for 'shark skin' aircraft technology" (no currency marker in the report). smartcompany.com.au/?p=339818
  17. IP Group plc (RNS), 29 Sep 2025, "Portfolio co OXCCU completes £20.75m funding round". investegate.co.uk/announcement/rns/ip-group--ipo/portfolio-co-oxccu-completes-20-75m-funding-round/9136042

24 · SKY VC, formerly JetBlue Ventures

  1. SKY Leasing, 5 May 2025, "SKY Leasing announces acquisition of JetBlue Ventures". skyleasing.com/sky-leasing-announces-acquisition-of-jetblue-ventures/
  2. SKY VC (PR Newswire), 8 Sep 2025, "JetBlue Ventures becomes SKY VC following acquisition by SKY Leasing". prnewswire.com/news-releases/jetblue-ventures-becomes-sky-vc-following-acquisition-by-sky-leasing-302548424.html
  3. JetBlue Airways Corporation, Form 10-K for 2025, Item 1 "JetBlue Ventures" and the equity investments note. sec.gov/Archives/edgar/data/1158463/000115846326000007/jblu-20251231.htm
  4. Skift, 11 Feb 2016, "JetBlue launches venture capital subsidiary to invest in travel startups". skift.com/?p=166484
  5. SKY VC, "About us" page, read 28 Oct 2026. sky-vc.com/about-us
  6. JetBlue Ventures (PR Newswire), 5 Jun 2025, "JetBlue Ventures welcomes Arielle Ring as President". prnewswire.com/news-releases/jetblue-ventures-welcomes-arielle-ring-as-president-302473839.html
  7. SKY VC, "Team" page, read 28 Oct 2026. sky-vc.com/team
  8. JetBlue Ventures, 21 Sep 2022, "Now introducing: JetBlue Ventures". sky-vc.com/blog/now-introducing-jetblue-ventures
  9. Global Venturing, 23 Mar 2026, "Emerging Leaders 2026: Stephen Snyder, Sky VC" (seeking LPs for a next fund). globalventuring.com/people/emerging-leaders-2026-stephen-snyder-sky-vc/
  10. SKY VC (Amy Burr), 6 Jan 2026, "The year we became SKY VC: 2025 year in review". sky-vc.com/blog/the-year-we-became-sky-vc-2025-year-in-review
  11. SKY VC, "Portfolio" page, read 28 Oct 2026. sky-vc.com/portfolio
  12. Business Wire, 11 Aug 2021, "JetBlue Technology Ventures portfolio company Joby Aviation becomes publicly traded company". businesswire.com/news/home/20210811005114/en
  13. JetBlue Ventures (Amy Burr), 14 Feb 2024, "Why we invested in the United Airlines Ventures Sustainable Flight Fund". sky-vc.com/blog/why-we-invested-in-the-united-airlines-ventures-sustainable-flight-fund
  14. Assaia (GlobeNewswire), 9 Dec 2025, "Assaia raises $26.6 million in Series B funding", led by Armira Growth. markets.financialcontent.com/dowtheoryletters/article/gnwcq-2025-12-9-assaia-raises-266-million-in-series-b-funding-to-enhance-global-ai-leadership-in-airport-operations
  15. IoT Now, 17 Oct 2024, "Beacon AI raises $15M to bring AI to flight decks" (led by Costanoa Ventures; JetBlue Ventures a participant). iot-now.com/2024/10/17/147310-beacon-ai-raises-15m-to-bring-ai-to-flight-decks
  16. AIR COMPANY (Business Wire), 18 Sep 2024, $69 million Series B led by Avfuel. businesswire.com/news/home/20240918043849/en
  17. Aether Fuels, 27 Jun 2024, "Aether Fuels secures $34 million in Series A financing", led by AP Ventures. aetherfuels.com/news-and-press/aether-fuels-secures-34-million-in-series-a-financing
  18. AIN, 1 Jul 2024, "Universal Hydrogen runs out of cash and closes business". ainonline.com/aviation-news/futureflight/2024-07-01/universal-hydrogen-runs-out-cash-and-closes-business
  19. JetBlue Technology Ventures, 27 Apr 2021, "Why we invested in Universal Hydrogen". sky-vc.com/blog/why-we-invested-in-universal-hydrogen

25 · SHIFT Invest

  1. SHIFT Invest, 1 Jun 2022, "Investor SHIFT Invest expands fund to €110 million to make mobility and logistics more sustainable". shiftinvest.com/news/investor-shift-invest-expands-fund-to-110-million-euros-to-make-mobility-and-logistics-more-sustainable
  2. SHIFT Invest, 18 Jul 2025, "SHIFT Invest IV achieves first close at 90+ million": €92 million in the text, the page address says 90. shiftinvest.com/news/shift-invest-iv-achieves-first-close-at-90-million
  3. SHIFT Invest, "NBI Investors" page, read 28 Oct 2026. shiftinvest.com/nbi-investors
  4. SHIFT Invest, home page (address), read 28 Oct 2026. shiftinvest.com
  5. Royal Schiphol Group, "These are our partners", read 28 Oct 2026. schiphol.nl/en/schiphol-group/partners-mainport-schiphol
  6. SHIFT Invest, "About us" (team; more than 65 start-ups), read 28 Oct 2026. shiftinvest.com/aboutus
  7. RVO (Netherlands Enterprise Agency), Seed Capital register, "Mainport Innovation Fund B.V." (€8 million investment budget, 2009–2021). rvo.nl/subsidies-financiering/seed-capital/totaaloverzicht-fondsen/mainport-innovation-fund-bv
  8. Global Venturing, 14 Oct 2015, "A closer look at Mainport Innovation Fund II". globalventuring.com/a-closer-look-at-mainport-innovation-fund-ii
  9. Tech.eu, 16 Sep 2015, "KLM, Schiphol airport and others launch €18 million fund for transport and aviation startups". tech.eu/2015/09/16/klm-schiphol-airport-new-fund/
  10. RVO, Seed Capital register, "Mainport Innovation Fund II Seed Fund B.V." (€18.3 million in total; investors KLM, Schiphol, TU Delft, NS and Port of Amsterdam). rvo.nl/subsidies-financiering/seed-capital/totaaloverzicht-fondsen/mainport-innovation-fund-ii-seed-fund
  11. Tech.eu, 5 Sep 2019, "Dutch AI startup Aiir scores €500,000 in funding to help make aircraft engines more secure". tech.eu/2019/09/05/dutch-ai-startup-aiir-scores-e500000-in-funding-to-help-make-aircraft-engines-more-secure/
  12. SHIFT Invest, 15 Jul 2026, "AIIR Innovations acquired by Pratt & Whitney: from UvA research project to international exit". shiftinvest.com/news/aiir-innovations-acquired-by-pratt-whitney-from-uva-research-project-to-international-exit
  13. Global Venturing, 21 Sep 2020, "Shift gears up with $82.5m fund" (SHIFT III at €70 million). globalventuring.com/shift-gears-up-with-82-5m-fund
  14. RVO, Seed Capital register, "SHIFT Invest IV B.V." (investors listed include KLM and Schiphol; page checked 6 Jan 2026). rvo.nl/subsidies-financiering/seed-capital/totaaloverzicht-fondsen/shift-invest-iv-bv
  15. SHIFT Invest, "Companies" page, read 28 Oct 2026. shiftinvest.com/companies
  16. Robin Radar Systems, 11 Oct 2024, "Robin Radar and Parcom join forces to accelerate global expansion". robinradar.com/news-events/robin-radar-and-parcom-join-forces-to-accelerate-global-expansion-innovation-and-scale-up-in-radar-technology
  17. RTX, 15 Jul 2026, "RTX's Pratt & Whitney advances engine inspections with AI-powered technology" (acquisition of AIIR Innovations). rtx.com/news/news-center/2026/07/15/rtxs-pratt-whitney-advances-engine-inspections-with-ai-powered-technology
  18. SHIFT Invest, 11 Oct 2024, "SHIFT Invest portfolio company Robin Radar joins forces with Parcom". shiftinvest.com/news/shift-invest-portfolio-company-robin-radar-joins-forces-with-parcom
  19. ChargePoint, 11 Aug 2021, acquisition of ViriCiti for approximately €75 million in cash. chargepoint.com/about/news/chargepoint-acquires-ebus-and-commercial-vehicle-management-provider-viriciti-accelerate/
  20. SHIFT Invest, 12 Aug 2021, "Dutch electric fleet management provider ViriCiti was acquired by ChargePoint". shiftinvest.com/news/dutch-electric-fleet-management-provider-viriciti-was-acquired-by-chargepoint-to-accelerate-the-electrification-of-fleets
  21. SHIFT Invest, 14 Sep 2023, "Battery analytics pioneer volytica diagnostics closes €5.5M investment round led by SHIFT Invest and EnBW New Ventures". shiftinvest.com/news/battery-analytics-pioneer-volytica-diagnostics-closes-55m-investment-round-led-by-shift-invest-and-enbw-new-ventures
  22. SHIFT Invest, 4 Jul 2024, "SHIFT Invest and LUMO Labs invest in Roboat" (€550,000). shiftinvest.com/news/roboat

26 · Move Digital, formerly AirAsia Digital

  1. Capital A Berhad (Bursa Malaysia), 18 Sep 2026, "Proposed scheme of arrangement (capital structure optimisation): Move Digital Sdn Bhd". capitala.com/newsroom/PROPOSED_SCHEME_OF_ARRANGEMENT_(CAPITAL_STRUCTURE_OPTIMISATION)_-_MOVE_DIGITAL_SDN_BHD_(FINAL)_20260918.pdf
  2. Capital A Berhad, 18 Sep 2026, "Capital A proposes capital structure optimisation exercise". capitala.com/newsroom/Press_Release_20260918.pdf
  3. AirAsia Group Berhad (Bursa Malaysia), 17 Dec 2018, "Group corporate structure of Redbeat Ventures Sdn. Bhd.". capitala.com/newsroom/Bursa_Announcement_-_RBV_(for_publication).pdf
  4. AirAsia Group Berhad, Annual Report 2020, p. 47 (airasia digital, formerly RedBeat Ventures). capitala.com/misc/FlippingBook/ar2020/47/
  5. Malay Mail, 18 Sep 2023, "Capital A: airasia Digital rebrands to Move Digital". malaymail.com/news/money/2023/09/18/capital-a-airasia-digital-rebrands-to-move-digital/91498
  6. TechCrunch, 4 Mar 2019, "AirAsia launches a $60M fund to help startups get into Southeast Asia". techcrunch.com/2019/03/04/airasia-launches-a-60m-fund
  7. Capital A Berhad, "Corporate leadership" page, read 28 Oct 2026. capitala.com/corporate_leadership.html
  8. AirAsia, 17 Dec 2018, "AirAsia digital strategy takes shape: non-airline digital businesses transferred to digital venture arm". newsroom.airasia.com/news/2018/12/17/airasia-digital-strategy-takes-shape-non-airline-digital-businesses-transferred-to-digital-venture-arm
  9. Capital A Berhad, Annual Report 2025, part 1 (corporate structure and transfers), 30 Apr 2026. capitala.com/newsroom/Capital_A_-_AR25_Bursa_part_1_20260430.pdf
  10. Capital A Berhad (Bursa Malaysia), 22 Jan 2026, issuance by Teleport Everywhere Pte Ltd of US$50 million redeemable convertible perpetual securities. capitala.com/newsroom/Project_Thrust_-_Bursa_Announcement_20260122.pdf
  11. Capital A Berhad (Bursa Malaysia), 11 Jun 2026, reply to query on the notice of seizure (holdings in Teleport and Big Pay). capitala.com/newsroom/Reply_to_query_(2026.06.11)(final)_20260611.pdf
  12. Capital A, 22 Jan 2026, "Teleport raises USD 50 million pre-IPO capital at USD 500 million valuation". newsroom.capitala.com/news-1/qc7gg2u6a0zh4gb1nb8zyjuv53y4mj
  13. AirAsia Group Berhad (Bursa Malaysia), 6 Aug 2021, "BigPay raises up to US$100M", led by SK Group. capitala.com/newsroom/Press_Release_-_BigPay_SK.pdf
  14. Rajah & Tann Asia, 7 Jul 2021, "Acquisitions by AirAsia SuperApp Sdn Bhd and AirAsia Digital Sdn Bhd from Gojek". www.rajahtannasia.com/our_deals/acquisitions-by-airasia-superapp-sdn-bhd-and-airasia-digital-sdn-bhd-from-gojek/
  15. Teleport, 18 Aug 2021, "AirAsia's Teleport to acquire delivery platform Delivereat for USD 9.8 million". teleport.it/newsroom/teleport-acquires-delivereat-en

27 · Delta Air Lines

  1. Delta Air Lines, Inc., Form 10-K for 2025, Item 1. sec.gov/Archives/edgar/data/27904/000002790426000013/dal-20251231.htm
  2. Georgia Tech News Center, 13 Nov 2015, "Delta Air Lines touches down in Tech Square with $5 million investment". coe.gatech.edu/news/2015/11/delta-airlines-touches-down-tech-square-5-million-investment
  3. Joby Aviation, 11 Oct 2022, "Delta, Joby Aviation partner to pioneer home-to-airport transportation to customers". ir.jobyaviation.com/news-events/press-releases/detail/47/deltajobyaviation-partnerto
  4. Joby Aviation, Form 10-K for 2025 (Delta exercised 7,000,000 warrants at $10 in January 2026). sec.gov/Archives/edgar/data/1819848/000181984826000160/joby-20251231.htm
  5. Delta News Hub, 20 Sep 2023, "Wheels Up finalizes new investment from Delta, Certares, Knighthead and Cox". web.archive.org/web/20250725041357/https://news.delta.com/wheels-finalizes-new-investment-delta-certares-knighthead-and-cox
  6. Delta Air Lines, Inc., Form 10-K for 2025, note on investments (XBRL page R13). sec.gov/Archives/edgar/data/27904/000002790426000013/R13.htm
  7. Joby Aviation, Form 10-K for 2024 (Delta's $60 million purchase and warrants). sec.gov/Archives/edgar/data/1819848/000181984825000196/joby-20241231.htm
  8. Delta News Hub, Jan 2023, "Delta to launch innovation lab to accelerate the more sustainable future of flight". web.archive.org/web/20251107093346/https://news.delta.com/delta-launch-innovation-lab-accelerate-more-sustainable-future-flight
  9. Delta Air Lines (via Aviation Pros), 13 Dec 2019, "Delta and Wheels Up partner to make private aviation more accessible". aviationpros.com/airlines/press-release/21118119/delta-air-lines-delta-and-wheels-up-partner-to-make-private-aviation-more-accessible-to-individual-and-corporate
  10. Delta Air Lines, Inc., Form 10-Q for the quarter ended 30 Sep 2023, notes 3 and 4 (Wheels Up facility; CLEAR 5% stake). sec.gov/Archives/edgar/data/27904/000002790423000013/dal-20230930.htm
  11. ch-aviation, 26 May 2026, "Delta extends Wheels Up lock-up restrictions through 2027". ch-aviation.com/news/167582-delta-extends-wheels-up-lock-up-restrictions-through-2027
  12. Clear Secure, Inc., 5 Aug 2024, "CLEAR announces 4,000,000 block share repurchase agreement" (from Delta). ir.clearme.com/news-events/press-releases/detail/125/clear-announces-4000000-block-share-repurchase-agreement

28 · Commitments and connections

  1. Airbus, 9 Mar 2015, "Airbus launches its global aerospace business accelerator BizLab". airbus.com/en/newsroom/press-releases/2015-03-airbus-launches-its-global-aerospace-business-accelerator-bizlab
  2. Airbus, "Airbus BizLab" page (90-plus start-ups accelerated; seven spin-outs valued at €104 million), read 28 Oct 2026. airbus.com/en/airbus-bizlab
  3. Airbus, 3 Nov 2021, "Airbus evolves its innovation landscape with Airbus Scale". airbus.com/en/newsroom/press-releases/2021-11-airbus-evolves-its-innovation-landscape-with-airbus-scale
  4. Singapore Airlines, KrisLab. singaporeair.com/en_UK/sg/about-us/krislab/
Edition. Aerospace strategic capital, Edition 01 · Autumn 2026. Published October 2026 by Kennox Ventures Ltd. Research and text by Mike McAra.
Data. Figures are as of the dates given beside them and were checked against the sources listed above on 28 October 2026. Currency amounts are stated as reported; the only conversions are the rupee and euro figures in the capital chart, marked and sourced there, and the database’s own US-dollar figures in the deals table.
Disclaimer. This report is provided for informational purposes only and is not a basis for investment decisions. The data and analysis are drawn from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. The views expressed are the author’s and do not necessarily reflect the position of any other organisation. Consult a qualified professional adviser before investing. All investments involve risk, including the loss of principal.
Corrections and rights. Kennox welcomes corrections and documentation from the funds and companies named here: advisory@kennox.ai. © 2026 Kennox Ventures Ltd. The KENNOX wordmark and the K monogram are trademarks of Kennox Ventures Ltd.; company and fund names belong to their owners and are used for identification only.

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