Semiconductor producer Intel and venture capital firm Btov Partners have provided €5m ($5.8m) in funding for Germany-based automated aerial vehicle developer E-Volo, Tech.eu has reported.
Founded in 2011, E-Volo is developing an electric, driverless, aerial vehicle for passenger transport called Volocopter that will be able to take off and land vertically. It plans to commercially license the technology once it is ready.
The company recently tested its two-seater aircraft in Dubai and is currently conducting further development, but has not so far announced plans for future testing. A spokesperson for Volocopter told Tech.eu the funding will be invested in expanding its tech team.
Volocopter had previously raised $34.8m in an August 2017 round backed by automotive manufacturer Daimler, individual investor Lukasz Gadowski and undisclosed others. It has not publicly disclosed any earlier funding.