German startup Volocopter has secured $182 million in Series E funding to continue building electric vertical takeoff and landing vehicles. In addition to the $170 million Volocopter raised in March, this new round values the company at $1.87 billion after the program ends.
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Electric vertical takeoff and landing (eVTOL) aircraft are a new class of aircraft being developed to enable safe, efficient and quiet urban air travel. Unlike traditional helicopters, eVTOLs exploit electric propulsion to achieve vertical flight. This allows them to be more energy efficient and quieter than traditional helicopters, making them ideal for use in residential areas.
Volocopter is currently in the process of testing its two-seat VoloCity air taxi to meet requirements set by the European Union Aviation Safety Agency (EASA). The new cash infusion will help pay for the company’s testing to move closer to certification for small-class VTOL aircraft. This, in turn, will bring it one step closer to commercialization. Volocopter said it aims to certify aircraft by 2023 and provide revenue-generating routes by 2024.
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EASA has already granted Volocopter design organization approval in 2019 and production organization approval in 2021 – two prerequisites for obtaining certification for the VoloCity and its commercial release.
With this recent funding boost, Volocopter will not only be able to continue to prepare the ecosystem — including things like infrastructure and public awareness — but it will also be one step closer to certification. Once certified, Volocopter plans to offer rides.
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Volocopter completed its first public manned test flight earlier this month from Rome’s Fiumicino airport. The company also unveiled its digital platform, VoloIQ, at the same event, which it says can be used for bookings and managing flight operations, among other things. Rome is Volocopter’s first choice for a market launch, but other candidates include cities such as Singapore, Paris and Neom.
