Aviation startup volocopter Raised $170 Million in New Financing Round
- ByStartupStory | March 4, 2022
German aviation startup Volocopter on Friday raised $170 million from investors including funds run by Korean WP Investment in a new financing round as it seeks certification for its battery-powered flying taxi.Volocopter said the total funds it had raised jumped to $579 million and its pre-money valuation was at $1.7 billion.The company said the funds raised in the series E financing round will help the certification of its electric passenger air taxi and the commercial launch worldwide.the round saw participation from Korea’s WP Investment and Honeywell, adding that existing investors including Atlantia, Whysol and btov Partners also which increased their investment.
This funding round is a testament to Volocopter’s leading position in what is a highly attractive emerging market. We continue to make significant technical and commercial progress as we work toward bringing urban air mobility to life at scale in cities worldwide,” said Florian Reuter, CEO of Volocopter, in a statement.
Volocopter was founded in 2011 by Alexander Zosel and Stephan Wolf. The headquarters is in Bruchsal,Germany.the company specializes in the design of electric multirotor helicopters in the form of personal air vehicles, designed for air taxi purposes. Volocopter made a big mark in the autonomous vehicle space when in 2017 — backed by giants like Intel — it ran its first autonomous flying car test in Dubai. (Intel also imported and showed off the Volopter’s self-flying capabilities at an over-the-top event of its own.)
“We are confident that Volocopter will be among the first to bring UAM to cities globally, since seeing its aircraft fly in Seoul last year. As a leader in ESG investment, we are excited to empower city sustainability through Volocopter,” said Dr. Lei Wang, chairman of WP Investment, in a statement. The firm’s co-chairman Tiffany Park added that Korea will be a part of the commercial launch as well.
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