Volocopter extends Collection C funding to $94M with backing from logistics large DB Schenker and others – TechCrunch

Autonomous air mobility firm Volocopter has added to the Collection C funding spherical it introduced in September 2019. The German electrical vertical take-off and touchdown (eVTOL) plane maker announced €50 million ($54 million at today’s exchange rate) in funding on the time, and the C spherical has now grown to €87 million ($94 million) due to new lead investor DB Schenker, a German logistics firm with operations everywhere in the world.

This spherical additionally consists of participation by Mitsui Sumitomo Insurance coverage Group, in addition to the enterprise arm of its mother or father MS&AD, together with TransLink Capital . Current buyers together with Lukasz Gadowski and btov additionally participated on this spherical extension.

With this new funding, Volocopter brings its complete round $132 million, and it says it is going to use the newly acquired capital to assist certify its VoloCity plane, its air taxi eVTOL designed to move individuals, which is on observe to turn into the corporate’s first ever automobile licensed for business operation. In the meantime, Volocopte can even use the brand new funds to assist proceed improvement of a next-generation iteration of its VoloDrone, which is the cargo-carrying model of its plane. It goals to make use of VoloDrone to develop its market to incorporate logistics, in addition to development, metropolis infrastructure and agriculture.

Already, Volocopter has fashioned partnerships with firms including John Deere for pilots of its VoloDrone, nevertheless it says {that a} second-generation model of the automobile will assist it commercialize the drone. On the VoloCity facet, the corporate lately flew an indication flight in Singapore, after which introduced that they’d be working with Grab on a feasibility study about air taxi providers for potential deployment throughout Southeast Asia in key cities.

Alongside this spherical extension, Volocopter provides two advisory board members – Yifan Li from Geely Holding Group, which led the primary tranche of this spherical closed in September, and DB Schenker CEO Jochen Thewes. Each of those are key strategic companions from buyers who stand to profit the corporate quite a bit not solely when it comes to funding, but additionally when it comes to supply-side and commercialization.

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