The business, established by locally-based entrepreneur Nick Magliocchetti, has made significant progress since announcing in January its plans to fly an 'Uber-style' air service between the islands and northern France.
Next month it will unveil the planes it is planning to use and launch its next phase of fundraising.
'It's been an incredibly busy three months but we have deliberately been quiet as we want to ensure that our business model is robust. We want to provide a real alternative to islanders, and so the whole experience of booking, checking-in and flying needs to be flawless,' Mr Magliocchetti said.
Waves plans to have three aircraft in operation by the end of the year and have a team of 20 people working locally.
'We are committed to making this happen and to deliver islanders a service that is based on honest pricing and reliability and above all delivers on its promise,' said new deputy CEO Barrie Baxter, a software entrepreneur who previously worked with firms such as Compaq, Dell and Fujitsu.
'Over the last 18 months, passenger numbers to Guernsey have fallen by 33,000 and there are now 100,000 fewer people a year travelling between Guernsey and Jersey than there were a decade ago.
'We want to take the numbers back up by filling a gap and believe that there is an opportunity which is currently not being satisfied.'