United Airlines Ventures Research
Investment Thesis
United Airlines Ventures (UAV) is the corporate venture arm of United Airlines, established in 2021 to invest in early-stage startups with the potential to shape the future of aerospace, aviation infrastructure and travel technology. Its stated mission is to make investments that help drive the industry's evolution, anticipating shifts in what is next for air travel. The portfolio page frames it as backing "companies with the potential to define and enhance the future travel experience." Investments tend to sit at the intersection of startup innovation and United's own operational needs, such as airport operations, flight safety, airspace management and passenger experience, and also include lower-carbon technologies through a dedicated fund.
Investment Verticals
The portfolio page groups companies under five labels:
- Aerospace: next-generation aircraft and propulsion (Airhart Aeronautics, Astro Mechanica, JetZero, Boom Supersonic, ZeroAvia, Heart Aerospace, Eve Air Mobility, Archer Aviation).
- Aviation Infrastructure: AI for operations and safety (Assaia, Skypuzzler, Overwatch AI, Enhanced Radar, Navi).
- Technology: travel and enterprise software (Layla, Mindtrip, Blockskye, aiOla, CLEAR, EP Systems).
- Monetizations: companies where United has a commercial relationship or realized value (CLEAR, Archer, Eve).
- UAV Sustainable Flight Fund: carbon capture, sustainable aviation fuel, hydrogen and related climate technology (Cemvita, Twelve, Heirloom, Banyu Carbon, OXCCU, Verne, Savor, Dimensional Energy, Svante, Electric Hydrogen, Koloma).
Stage Focus and Check Size
The firm describes itself as investing in early-stage start-ups. Recent public rounds are pre-seed and seed: Overwatch AI's $1.5M pre-seed, Navi's $6.7M emergence from stealth, and an Enhanced Radar seed reported at about $7M. The website does not publish check sizes or ownership targets, so check size is left unset. The older holdings (Archer, Boom, ZeroAvia, Heart, Eve, CLEAR) show United will also take positions in later-stage strategic names.
Fund Structure
UAV invests from United's balance sheet, and since February 2023 also manages the UAV Sustainable Flight Fund. That fund launched with more than $100M and has since grown to more than $200M of commitments from United and about 22 corporate partners, including Air Canada, Boeing, GE Aerospace, JPMorgan Chase, Honeywell and Embraer. It is led by Managing Partner Mukul Hariharan. No AUM figure for UAV as a whole is published, so none is submitted.
Lead Tendency
Mixed. Caplight lists UAV as lead on Overwatch AI's May 2026 pre-seed, while other rounds (Layla, Navi, Skypuzzler) were syndicated with other investors such as Baidu Capital, New Vista Capital, and Baobab Ventures. Recorded as "both".
Recent Activity
- May 2026: backed Enhanced Radar, an applied AI company for airport operations.
- May 2026: invested in Overwatch AI's $1.5M pre-seed round.
- March 2026: joined Layla's seven-figure strategic round alongside Baidu Capital.
- July 2026: Skypuzzler, a Danish airspace-management company, was featured in drone-airspace press following UAV's investment.
- July 2026: Layla was acquired by Expedia Group, a portfolio exit.
- August 2026: Navi emerged from stealth with $6.7M, including UAV.
- September 2026: PitchBook lists a latest investment in Assaia.
The firm is actively deploying.
Portfolio Highlights
Archer Aviation (public eVTOL maker), Boom Supersonic, ZeroAvia, Heart Aerospace, Eve Air Mobility, JetZero, CLEAR (public biometric identity), Mindtrip, Heirloom, Electric Hydrogen, Svante, and Layla (acquired by Expedia Group in July 2026). The page lists about 30 portfolio companies.
Team
- Mukul Hariharan, Managing Partner: leads the Sustainable Flight Fund. Joined United in 2023. Ten years in investment banking (JPMorgan, Moelis, Houlihan Lokey), six years at Carlson Capital, and an aerospace engineering degree from UT Austin. Started as a commercial airline pilot.
- Zain Athar, Principal: technology and aerospace investments. Previously Morgan Stanley transportation investment banking.
- Andrew Shen, Principal: founding member of the Sustainable Flight Fund team. Previously United corporate development and FP&A, and over a decade at McMaster-Carr.
- Nicholas Linton, Senior Associate: Sustainable Flight Fund. Previously Houlihan Lokey energy banking.
- Chris Sipos, Senior Associate: manufacturing and industrial biology background, DuPont and Nature's Fynd.
- Scott Heritsch, Lead Technical Advisor and Flight Test Captain: United test pilot and retired US Air Force colonel who leads technical diligence.
- Ari Ruffer, Managing Counsel: advises UAV and United Corporate Development.
- Sam Coleman, Head of Communications and Investor Relations.
Decision Process and Involvement
Decisions run through a small investment team with United corporate development and United's operating and technical expertise (flight test captain on technical diligence). The firm has not published its approval process, timeline, or warm-intro policy, so these are left unset. Founders should expect strategic alignment with United's operations to matter, and possible commercial pilots with United.
Founder Preferences
Founders building technology that United could deploy in its operations or that changes how aircraft, airports, airspace, fuel and travel work. Technical depth is valued, as shown by the use of a test pilot for diligence on aircraft, engine and propulsion deals.
Geographic Focus
Global. Portfolio companies are in the US, Canada, Germany (Layla), Denmark (Skypuzzler), Switzerland (Assaia), Sweden (Heart Aerospace), Israel (aiOla) and the UK (ZeroAvia). The team is based in Chicago and Houston, near United's hubs.