Germany-based airborne taxi developer Volocopter has received €20m ($21.7m) in funding from DB Schenker, the logistics subsidiary of railway operator Deutsche Bahn, Deutsche Startups has reported.
The company had secured $55.2m in the first tranche of a series C round that was led by carmaker Zhejiang Geely Holding Group in September 2019, and it was in talks with prospective investors for an extension, though it is unclear whether Schenker’s investment forms part of that round.
Volocopter is working on an electric vertical take-off and landing aircraft (pictured) designed for use as an urban taxi service and is also developing an unmanned aerial vehicle for heavy cargo.
The company agreed today to conduct a joint viability study with Singapore-based ride hailing platform Grab concerning the possibility of airborne taxis in Southeast Asia and which cities would be most viable for the service.
Although Volocopter did not specify what it intends to do with the funding, it had previously said the series C round would support efforts to secure commercial certification in the European Union. It has disclosed approximately $117m in funding since it was founded as E-Volo in 2011.
Chipmaker Intel and venture capital firm Btov Partners invested $5.8m in Volocopter in November 2017, three months after automotive manufacturer Daimler and private investor Lukasz Gadowski had supplied $34.8m for the company.
Image courtesy of Volocopter.
