Volocopter has raised $170 Million in a funding spherical

Volocopter, the startup out of southern Germany (Bruchsal) that has been growing electrical VTOL (vertical takeoff and touchdown) plane and a enterprise mannequin for working them in taxi-style fleets in city areas, has picked up one other massive spherical of funding because it inches nearer to its first industrial launches.

It raised $170 million, funding that it stated it will likely be utilizing to kick off its first air taxi providers, which it famous in an announcement can be “in cities like Singapore, Rome, and Paris.”

A spokesperson stated the industrial launch will rely upon the kind of certification it will get and when. If totally achieved within the latter half of 2023, the industrial launch within the first cities is predicted to be in 2024.

Florian Reuter, CEO of Volocopter, advised Techcrunch in March 2021 that the providers had been two years out (so, 2023).

The cash is a part of a Collection E, and Volocopter describes it at a primary closing made at a pre-money valuation of $1.7 billion, which works out to a post-money valuation of $1.87 billion.

Volocoper has confirmed to me that the complete goal for the Collection E is €300 million to €500 million ($330 million to $550 million). “We now have different buyers within the due diligence section, however we have no idea the timing of the following signing spherical nor the complete quantity but,” a spokesperson stated.

This primary tranche is being led by WP Funding, a brand new backer of the corporate from South Korea, with strategic investor Honeywell (additionally a brand new investor) and former backers Atlantia, Whysol, btov Companions, and different unnamed present buyers additionally taking part.

It has raised $579 million so far, and different buyers embrace Geely, Mercedes-Benz Group, Intel Capital, and BlackRock.

In 2017, Volocopter made a giant mark within the autonomous car area when backed by giants like Intel, it ran its first autonomous flying automotive check in Dubai. (Intel additionally imported and confirmed off the Volopter’s self-flying capabilities at an over-the-top occasion of its personal.)

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