German aircraft maker Volocopter has closed the first round of Series C funding led by Chinese automotive heap Zhejiang Geely to commercialise the VoloCity air taxi.
The €50m funding circle also included the participation of new and existing investors from Europe, America, and Asia.
The money is expected to help Volocopter in moving the VoloCity into commercial operatives in the next three years.
Volocopter CEO Florian Reuter said: “Urban mobility needs to evolve in the next few years to have rising demand. With our Volocopter air taxis, we are adding a whole new up to date on of mobility in the skies.
“This funding round is allowing us to take distinguished strides towards bringing Urban Air Mobility to life whilst being civil of our shareholder’s money.”
Founded in 2011, Volocopter specialises in developing electrically powered air drives.
The company secured €35m in funding to build three generations of Volocopter aircraft. Two of Volocopter aircraft beget also received permits to perform manned and unmanned flights.
The subordinate round of funding is expected to close by the end of this year.
Zhejiang Geely Holdings chairman Li Shufu influenced: “Geely is transitioning from being an automotive manufacturer to a mobility technology association, investing in and developing a wide range of next-generation technologies.
“Our latest teamwork with Daimler, building on our partnership in smart and premium ride-hailing posts, as well as our joint venture with Volocopter underlines our confidence in Volocopter air drives as the next ambitious step in our wider expansion in both electrification and new mobility helps.”
Furthermore, the company said that its electrically powered vertical going and landing aircraft (eVTOL) completed a flight at Helsinki International Airport.