West Star sees "great synergies" between it newly acquired Flite Components and Dallas Aeronautical Services, which was added to the portfolio last year.
New funding will accelerate serial production by finalizing the Seastar certification supplements and completing the production facilities in Wuxi, China.
The move comes a year after Piaggio had outlined a five-year turnaround plan that had included a £255 million ($342 million) cash injection from Mubadala.