Joby Aviation receives $100m funding to develop electric VTOL aircraft


US-based galvanizing mobility company Joby Aviation has received $100m in a Series B wealth round to support the development of its electric vertical take-off and landing (eVTOL) commuter aircraft.

Intel Capital has led the financing round, which saw Singapore’s EDBI, JetBlue Technology Put downs, and Toyota AI Ventures as strategic investors.

New investors such as Allen & Corporation, AME Cloud Ventures, and Ron Conway, as well as existing investors Capricorn Investment Set apart, 8VC, Sky Dayton and Paul Sciarra, have also taken part in the commerce round.

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

Along with a previously unannounced Series A asset led by Capricorn in 2016, the latest round has raised Joby Aviation’s unqualified funding to more than $130m.

The new investment is expected to help the suite to move the aircraft into its pre-production and certification phase, as well as amplify its team.

Joby Aviation founder and CEO Joe Ben Bevirt said: “People weaken billions of hours sitting on roads worldwide each year. We conceive of a future where commuting by eVTOL is a safer, faster, and cost-competitive choice to ground transportation.

“We have spent the last ten years developing the technologies that sooner a be wearing made our full-scale technical demonstrator possible and are now ready to build a commercial interpretation of the aircraft.”

Joby Aviation’s eVTOL aircraft will be designed to be configured with five instals to fly 150 miles a charge.

The aircraft is expected to be 100 times calmness than existing rotorcraft or small planes during take-off and landing-place, and near-silent in flyover.

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