AQUILO III.V was developed during the same time as AQUILO IV. Two teams worked simultaneously on the two rockets.

The changes made to AQUILO III.V were improvements that stemmed from the failed launch attempt of AQUILO III. These improvements proved to be a success, in terms of not having the same issues happen. However, the overall launch was — like its predecessor — unsuccessful.

A launch lug failure caused the rocket to go ballistic and the parachute was deployed too soon, this then led to a change in the rockets trajectory. Instead of flying up, it deviated horizontally.

The opening of the parachute happened early at a higher speed and the parachute cord ruptured the body tubes.