US-based electric mobility company Joby Aviation has received $100m in a Series B financing round to support the development of its electric vertical take-off and landing (eVTOL) passenger aircraft.
Intel Capital has led the financing round, which saw Singapore’s EDBI, JetBlue Technology Ventures, and Toyota AI Ventures as strategic investors.
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New investors such as Allen & Company, AME Cloud Ventures, and Ron Conway, as well as existing investors Capricorn Investment Group, 8VC, Sky Dayton and Paul Sciarra, have also taken part in the financing round.
Along with a previously unannounced Series A financing led by Capricorn in 2016, the latest round has raised Joby Aviation’s total funding to more than $130m.
The new investment is expected to help the company to move the aircraft into its pre-production and certification phase, as well as expand its team.
Joby Aviation founder and CEO Joe Ben Bevirt said: “People waste billions of hours sitting on roads worldwide each year. We envision a future where commuting by eVTOL is a safer, faster, and cost-competitive alternative to ground transportation.
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By GlobalData“We have spent the last ten years developing the technologies that have made our full-scale technical demonstrator possible and are now ready to build a commercial version of the aircraft.”
Joby Aviation’s eVTOL aircraft will be designed to be configured with five seats to fly 150 miles a charge.
The aircraft is expected to be 100 times quieter than existing rotorcraft or small planes during take-off and landing, and near-silent in flyover.
