Joby Aviation raises $590 million led by Toyota to launch an electric air taxi service

Joby Aviation has raised a $590 million Series C round of funding, including $394 million from produce investor Toyota Motor Corporation, the company announced today. Joby is in the process of developing an electric air taxi busines, which will make use of in-house developed electrical vertical take-off and acre( eVTOL) aircraft that will in part benefit from strategic partner Toyota’s vehicle manufacturing experience.

This creates the total number of funding in Joby Aviation to $720 million, and its index of investors includes Intel Capital, JetBlue Technology Ventures, Toyota AI Ventures and more. Alongside this new round of funding, Joby incomes a new members of the security council: Toyota Motor Corporation EVP Shigeki Tomoyama.

Founded in 2009, Joby Aviation is based in Santa Cruz, California. The company was founded by JoeBen Bevirt, who too founded customer photo and electronics accessory maker Joby. Its proprietary aircraft is a piloted eVTOL, which can fly at up to 200 km / hour for a total length of over 150 miles on a single bill. Because it applications an electric drivetrain and multi rotor layout, Joby Aviation says it’s” 100 meters quieter than conventional aircraft during departure and landing, and near-silent when flying overhead .”

These benefits originate eVTOL craft prime campaigners for developing metropolitan aerial transportation networks, and a number of business, including Joby as well as China’s EHang, Airbus and more are all working on this type of craft for use in this kind of city-based short-hop transit for both parties and cargo.

The sizeable financing made by Toyota in this round is a considerable bet for the automaker on the future of air transportation. In a press release detailing the round, Toyota President and CEO Akio Toyoda indicated that the company is serious about eVTOLs and air transport in general.

“Air transportation has been a long-term goal for Toyota, and while we continue our work in the automobile business, such an agreement defines our displays to the sky, ” Toyoda is paraphrased as saying. “As we take up the challenge of air transportation together with Joby, an trailblazer in the emerging eVTOL space, we sounds the potential to change future transportation and life. Through this new and exciting struggle, we hope to deliver freedom of movement and enjoyment to customers everywhere, on arrive, and now, in the sky.”

Joby Aviation believes that it can achieve significant payment benefits vs. traditional helicopters for short aerial flights, eventually lowering costs through maximizing utilization and oil savings to the point where it can be ” accessible to everyone .” To date, Joby has completed sub-scale testing on its aircraft pattern, and begun full flight research of production paradigms, along with beginning the certification process for its aircraft with the Federal Aviation Administration( FAA) at the end of 2018.

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