Aiir Innovations, startup in artificial intelligence (AI) for the visual inspection of aircraft engines, has raised €2.1M ($2.16 million) in an oversubscribed investment round. Led by VC fund Borski Fund, with the participation of HearstLab Europe and existing shareholder Mainport Innovation Fund.
Founded in 2016 by a group of artificial intelligence students from the University of Amsterdams, Aiir Innovations is now a front-runner in the aviation software market, working with companies like KLM Airlines, Waygate Technologies and MTU Leasing Services, among others. Recently, Aiir Innovations was selected for the Boeing-supported Aerospace Xelerated program and won the Lufthansa Technik Philippines Startup Challenge.
“Ensuring jet engines are inspected completely and objectively is key to ensuring the safety and efficiency of aircraft. Aiir achieves this by actively supporting human inspectors in all aspects of the job, from managing reporting requirements to an AI assistant for detecting potentially missed defects,” said Miriam Huijser, CTO and co-founder. With its software, Aiir Innovations supports inspections across the lifecycle of the engine, during maintenance, lease transitions and more.
Aiir Innovations will use the investment to grow its remote-first team and expand globally, and set a new standard for engine inspections. “We are excited to work with investors that have a global reach and share our vision on company culture and diversity,” Bart Vredebregt, CEO and co-founder, added.
Simone Brummelhuis, partner at Borski Fund, said, “We are thrilled to announce our investment in Aiir, a company at the forefront of the aerospace industry’s integration of artificial intelligence. This new investment is a testament to our belief in the potential of Aiir to drive innovation and progress in the field and our commitment to supporting diversity in the companies in which we invest.”
Eve Burton, executive vice president of Hearst Corporation and chairwoman of HearstLab, commented, “HearstLab is delighted to have participated in Aiir’s successful funding raise. We were extremely impressed with the Aiir management team and the product offering they have built and marketed in a relatively short period. The importance of Aiir’s potential contribution to air safety globally cannot be understated, and we are honoured to be on that journey with them. As an investor focused on female-led startups, we were particularly drawn to Aiir because of the strong presence of female leadership on the technology and product side with deep AI knowledge and experience. We look forward to collaborating closely with the management team and other investors to continue Aiir’s path to growth and success.”
Kenan Packman, general manager, HearstLab Europe, added, “HearstLab Europe’s investment in Aiir represents part of a greater effort by HearstLab to invest in female-led businesses in Europe and to grow our presence in the Netherlands and beyond. We look forward to working closely with the fantastic team at Aiir and are very pleased to have the opportunity to join Borski Fund and Mainport Innovation Fund on the Aiir cap table.”