Country Roads Angel Network, West Virginia’s first accredited angel investment network, today announced with great pride the acquisition of Morgantown-based Iconic Air by Asuene, a leading climate tech company in Japan. Iconic was CRAN’S first angel investment made by 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.
Founded in 2020 by James Carnes and Kyle Gillis, both graduates of West Virginia University’s Statler College of Engineering, Iconic Air began as a small clean-tech startup with a big mission: to help energy and industrial companies measure, manage, and reduce their carbon emissions. Carnes, 28, is a native of Weirton, and Gillis, 32, is a native of Wheeling, and in 2020 were named to the Forbes 30 under 30 list.
With early-stage support and mentorship from CRAN—including $310,000 in direct investment–Iconic quickly gained national attention for its technology and client growth. To date, CRAN has provided angel funds approaching $2 million to a dozen startup enterprises in sectors including tech, health, food, the arts, agriculture, all with a West Virginia alignment. Those funds have been matched by additional dollars exceeding $15 million.
“When CRAN invested in James and Kyle, we were investing in the future of West Virginia innovation,” said Combs. “Their drive, intellect, and commitment to solving real-world environmental challenges embody exactly what our network was created to support.”
The acquisition by Asuene will allow Iconic Air’s platform and team to expand their impact globally, integrating it into a leading sustainability brand that serves clients across Asia, North America, and Europe.
In a joint statement, Iconic Air founders Carnes and Gillis said, “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. We are proud to show that companies from West Virginia can innovate at the highest level.”
According to Iconic Air CEO Carnes, “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 was a game-changer for us. They have built a true launchpad for WV founders like us that included connecting us to the right people, guidance and resources to turn our vision into something real. We would not be here without that foundation,” said Gillis, Iconic Air president.
Carnes pointed to a “valley of death” that entrepreneurs face when launching an enterprise. “CRAN played a big role in helping us develop our sales engine focused on the energy sector. Their deep expertise in the energy sector helped us secure our first customers and scale quickly across the US market.”
Both Iconic founders singled out CRAN vice chair Marc Halbritter and CRAN board member Jeff James for their role as mentors and making key business introductions.
With the Asuene acquisition, Iconic will operate as a stand-alone business unit within the company. “This is a great opportunity for our team and gives us new resources to build further momentum in this emerging market,” Carnes said.
CRAN officials signaled that this great WV story of two young entrepreneurs is a testament to the organization’s founding mission to identify promising early-stage startups, provide strategic investment and mentoring, and help founders reach national and international markets.
“The success of Iconic Air is a story of partnership and perseverance,” noted CRAN vice chair Halbritter. “And it is emblematic that world-class entrepreneurship can start in a classroom, grow in a WV accelerator, and ultimately have global impact.”
Gillis and Carnes are both committed to working with other young people in WV to help them nurture their skills. “West Virginians can win and we are living proof,” said Gillis and Carnes.
Country Roads Angel Network (CRAN) Country Roads Angel Network, (www.wvcran.com) was founded in 2019 and is the first accredited angel investment network in West Virginia. CRAN connects entrepreneurs with qualified investors who provide capital, mentorship, and connections to accelerate business growth. CRAN supports startups across West Virginia with a focus on scalable innovation, job creation, and sustainable economic development.
Iconic Air (www.iconicair.io) is an energy software company founded in Morgantown, West Virginia, by WVU alumni James Carnes and Kyle Gillis. The company provides real-time emissions-tracking software that enables clients to monitor and manage their carbon footprints with accuracy and transparency.
Asuene, Inc. Asuene (https://asuene.com/us) is a Japan-based climate-tech company offering carbon accounting, sustainability management, and ESG data solutions for corporations worldwide. Asuene’s mission is to accelerate the global transition to a sustainable, decarbonized economy.
