As an answer to Europe's need of an independent access to space for small satellites, for which the market is expected to grow, the ALTAIR project (Air Launch space Transportation using an Automated aircraft and an Innovative Rocket) has been launched in the frame of the European Union's Horizon 2020 research innovation program. The project, which is currently in its third and last year, aims at demonstrating the economic and technical viability of an innovative air-launch system whose carrier is a reusable automated aircraft designed specifically for the launch mission. The reference target mission is the launch of the 150 kg total payload weight into a Sun-Synchronous target orbit. The paper presents the main projects results, lessons learned and perspective. In the first part of the paper, we remind the project's objectives, organization and methodology. The objective of cost reduction, which is of paramount importance in the project, is achieved through the use of Multidisciplinary Design Optimization (MDO) approach and appropriate system and technology choices. The second part of the paper is devoted to the technical results of the study. We present the consolidated design of the ALTAIR system, made of a reusable unmanned carrier, an expendable rocket using hybrid propulsion for the main stages and a ground system. We also present the preliminary results analysis of the flight experiments performed with the small scale EOLE demonstrator, which are focused of the carrier/launcher release and the innovative launcher avionics system. In the third part, we present the outline of ALTAIR's business plan and development roadmap.