Germany-based airborne taxi developer Volocopter closed the €50m ($55.2m) first tranche of its series C round today, the close being led by automotive manufacturer Zhejiang Geely Holding Group.
Founded in 2011 as E-Volo, Volocopter is developing electric-powered airborne vehicles that will take off vertically, for use as an air-based urban transportation service. The two-seater vehicle will make use of drone technology and is currently being tested.
The company intends to close the series C round by the end of 2019 and is in talks with prospective investors. The cash will support its bid to secure commercial certification for its vehicles from the European Aviation Safety Authority.
Volocopter has now disclosed a total of almost $96m in funding altogether, $34.8m of which came in an August 2017 round featuring carmaker Daimler and private investor Lukasz Gadowski.
Semiconductor and data technology producer Intel joined venture capital firm Btov Partners to invest a further $5.8m in the company three months later. Its participation was not confirmed at the time, but Volocopter is now part of Intel unit Intel Capital’s portfolio.
Florian Reuter, Volocopter’s CEO, said: “Urban mobility needs to evolve in the next few years to meet rising demand. With our Volocopter air taxis, we are adding a whole new level of mobility in the skies. This funding round is allowing us to take great strides towards bringing Urban Air Mobility to life whilst being respectful of our shareholder’s money.”
Li Shufu, chairman of Geely, added: “Geely is transitioning from being an automotive manufacturer to a mobility technology group, investing in and developing a wide range of next-generation technologies.
“Our latest cooperation with Daimler, building on our partnership in smart and premium ride-hailing services, as well as our joint venture with Volocopter underlines our confidence in Volocopter air taxis as the next ambitious step in our wider expansion in both electrification and new mobility services.”
