To some individuals at large, lengthy and quick trips have ended. Nevertheless, keep looking ahead to a time where that will no longer be the case, a taxi designer today reported a big round of funding to support the advancement in product growth.
Lilium, a startup based in Munich, who designs and constructs vertical take-off and landing (VTOL) aircraft up to 100kmph, which they intend to eventually operate with their taxi, has now closed an “over” $240 million financing round – money they plan on using for further research, development and building production facilities to build more aircraft, for a specific launch.
“We have all worked tirelessly in which to deliver a new form of transport that is completely emission-free,” a spokesperson stated. The following transaction took place inside the round (including current investors, not new buyers), and it ended towards the end of last month. “Somehow it needs a huge effort and serious amount of expenditure but the result is considered a profitable enterprise and the ability to make a positive effect on travel.”
It was headed up by Tencent and supported by various former contributors, including Electric, Freigeist, and LGT. The full valuation hasn’t been disclosed; however, the organisation accepts that it is considerably better than its Series B from 2017.
The news today confirms some tough months in the past for the firm, well before COVID-19 took control of the globe and threw a spanner on all manner of travel.
We detailed last October that multiple outlets had estimated that Lilium, who hires over 400 employees, will all earn between $400 million to $500 million, a phase throughout which it operated over a number of months. In its final report, the total figure that the organisation is believed to be investing is $160 million more than the lower end of the spectrum, but that isn’t far from what they originally planned to raise. However, that coupled with the lack of new buyers, there could be certain problems.
Yet the only real obstacle wasn’t to collect capital. Earlier this month, during testing, the older of the two specimens of Lilium caught fire. The prototype was rapidly scrapped, but experiments were nonetheless conducted on the second, previous model before the 1st aircraft was able to decipher the cause of the crash.
Whether it was down to energy, autonomy or perhaps both, the new demand for aircraft-based taxi services remains extremely emergent. No licensed aircraft are operating currently on the market (in fact rules haven’t yet been written up as to what that would look like) and so no systems are currently in operation.