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.

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.

“We envision a future where commuting by eVTOL is a safer, faster, and cost-competitive alternative to ground transportation.”

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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“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.