Volocopter has raised $170 million in a series E funding round.
Led by South Korean investor WP Investment along with Atlantia and Honeywell, the round brings the company’s value to $1.7 billion.
Company officials say the money raised will help with the certification of Volocopter’s electric passenger air taxi.
“This funding round is a testament to Volocopter’s leading position in what is a highly attractive emerging market,” said Volocopter CEO Florian Reuter. “We continue to make significant technical and commercial progress as we work toward bringing urban air mobility to life at scale in cities worldwide.”
The company says it is committed to launching its commercial air taxis in several cities including Singapore, Rome and Paris. The urban air mobility (UAM) company is developing new and sustainable mobility options through its family of aircraft that includes the VoloCity and VoloConnect for transporting passengers and the VoloDrone for transporting goods.
Volocopter was the first electric vertical takeoff and landing (eVTOL) company to receive Design Organisation Approval from the European Union Aviation Safety Agency (EASA) in December 2019. It secured Production Organisation Approval with the EASA last July.
