German ‘Flying Taxi’ Raised $90 Million From Investors

German ‘Flying Taxi’ Raised $90 Million From Investors

Lillium, a German start-up that plans to release on the market a 5-passenger “flying taxi”, as raised $90 million of financing from investors.

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Lillium, a German start-up that reportedly plans to release on the market a 5-passenger “flying taxi”, as raised a second, $90 million round of financing from investors.

Reuters (reuters.com) reported on the news commenting that the Frankfurt-based start-up is one of the best-funded electric aircraft projects to date.

The new funding round is led by Chinese internet company Tencent and joined by LGT, the largest family-owned investment company in Europe, as well as Atomico, a leading European venture company and Obvious Ventures, a venture company.

The 70-employee company lists outstanding job postings and can be compared with successful American companies like Tesla and Google, according to Reuters.

Lilium enables you to travel 5 times faster than a car by introducing the world’s first all-electric vertical take-off and landing jet: an air taxi for up to 5 people. You won’t have to own one, you will simply pay per ride and call it with a push of a button. It’s our mission to make air taxis available to everyone and as affordable as riding a car.”, wrote Lillium on their website.

“In 1894, Otto Lilienthal began experimenting with the first gliders and imagined a future in which we could all fly wherever we want, whenever we want. Lilium is turning that dream into reality. We are bringing personalized, clean and affordable air travel to everyone.”, added the company.

The company was founded in 2015 by four graduates from the Technical University of Munich. They hope to conduct a manned test flight of its five-seat aircraft around 2019 and introduce a “flying taxi” commuter services in 2025, as Reuters wrote in their article.

Lillium is an electric aircraft that is lightweight and can take off vertically, while performing a jet-powered flight with a range of 300 km and cruising speed of 300 km per hour, according to the company as quoted by Reuters.

“Lilium jets have zero operational environmental impact, they’re 100% emission-free.”, as the company wrote on their website.

The new funding will be used to expand the team, an important step towards meeting their goals, as Reuters noted.

It is interesting to see how and when the product development deadlines will be met and whether the company will earn regulatory approvals easily.

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