Morgantown, W.Va. (Dec. 21, 2020) – Iconic Air, a company formed by two promising engineering graduates from West Virginia University, has secured $135,000 from the Country Roads Angel Network (CRAN). This is CRAN’s inaugural investment since its formation.
Iconic Air’s co-founders Kyle Gillis and James Carnes sought CRAN’s investment to scale their business to the next phase of growth and create more jobs in West Virginia. Gillis and Carnes were recently recognized on Forbes 30 Under 30 list in the Energy Sector for Iconic Air.
Country Roads Angel Network Chairman, Kevin Combs, also a WVU graduate, said the CRAN investors were “deeply impressed” by the technical capabilities of Gillis and Carnes as well as the early successes of the company in securing two U.S. Air Force contracts and developing strong relationships in the oil and gas industry.
“The Iconic Air software plays a vital role of analyzing data from fence line monitoring and leak detection systems to fill the current gap between data stored in the cloud and taking action on site,” said Combs. “Unlike any other solution currently on the market, Iconic Air differentiates itself by focusing on the core technology of leak emissions models and pairing the results with automated reports and notifications to best inform operators.”
Judy Moore, managing director of CRAN, said the Country Roads Angel Network formally began reviewing opportunities from West Virginia entrepreneurs in July 2020. “Our inaugural $135,000 investment in Iconic Air serves as tangible proof in CRAN’s stated mission to reduce the capital gap for the Mountain State’s best and brightest,” Moore said.
CRAN operates under the umbrella of the New River Gorge Regional Development Authority (NRGRDA), which serves four counties in southern West Virginia and is administered by the West Virginia Hive, a 12-county entrepreneurial support program of the NRGRDA. CRAN is made up of accredited investors from across the country who in large part are native West Virginians looking to showcase the talent offered in their home state.
About CRAN: A non-profit corporation based in Beckley and serving all 55 counties of the Mountain State, CRAN offers emerging businesses early stage, seed funding to bring their creations to market. CRAN’s investment services are possible through a startup grant from the U.S. Economic Development Authority, with support from the One Foundation, Massey Family Foundation, Dinsmore & Shohl, LLP, and the Charlottesville Angel Network. CRAN is administered by the New River Gorge Regional Development Authority’s WV Hive and has recruited qualified investors to evaluate, invest in, and mentor individual startup businesses. CRAN completes the NRGRDA ecosystem of innovation and health, attracting a new economy to a region of boundless natural beauty and possibilities. https://www.wvcran.com/
About Iconic Air: Iconic Air is a software platform for the next generation of emissions leak detection and compliance. The software enables Leak Detection and Repair (LDAR) and Health Environmental Safety (HES) program operators to know the location of leaks and associated components before they leave the office. The core innovation of our product is driven by automated emissions models requiring no work from the user, unlike any solution on the market today. https://www.iconicair.io/
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