MORGANTOWN, W.Va. (WV News) — Morgantown-based startup Iconic Air has been acquired by Asuene, a leading climate tech company in Japan, the Country Roads Angel Network (CRAN) announced Thursday.
The acquisition marks the first portfolio exit for CRAN, West Virginia’s first accredited angel investment network, which provided early-stage funding and mentorship to the software company. Iconic Air, founded in 2020 by West Virginia University graduates James Carnes and Kyle Gillis, specializes in technology that helps energy and industrial companies measure, manage and reduce carbon emissions.
Carnes, 28, a native of Weirton, and now of Bridgeport, and Gillis, 32, a native of Wheeling, were both named to the Forbes 30 under 30 list in 2020. Iconic Air was CRAN’s first angel investment, receiving $310,000 in direct investment from the network in 2020.
“This milestone marks not only a successful exit for CRAN’s investors but also a powerful example of how West Virginia-grown innovation can compete on the global stage,” said Kevin Combs, CRAN chair.
The acquisition will integrate Iconic Air’s platform and team into Asuene, a sustainability brand that serves clients across Asia, North America and Europe. Iconic Air will operate as a stand-alone business unit within the Japanese company.
“From Day One, CRAN believed in us—not just financially, but as mentors who helped us navigate what it means to build a business from the ground up,” founders Carnes and Gillis said in a joint statement.
Iconic Air CEO Carnes added, “Our story is about more than a successful acquisition. It’s proof that with the right support, young West Virginia founders like us can build technology with a global footprint.”
CRAN has provided funds approaching $2 million to a dozen startup enterprises, with those funds matched by additional dollars exceeding $15 million. CRAN officials noted that the success of the founders is a testament to the organization’s mission to identify promising early-stage startups and provide strategic investment and mentoring.
Gillis, the company’s president, credited the network with being a “game-changer” that helped connect them to resources and guidance. Carnes pointed to CRAN’s expertise in the energy sector, which he said was instrumental in helping the company secure its first customers and scale quickly.
CRAN Vice Chair Marc Halbritter and CRAN board member Jeff James were singled out by the founders for their roles as mentors and for making key business introductions.
“The success of Iconic Air is a story of partnership and perseverance,” Halbritter said. “And it is emblematic that world-class entrepreneurship can start in a classroom, grow in a WV accelerator, and ultimately have global impact.”
