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Volocopter extends Series C funding to $94M with backing from logistics giant DB Schenker and others – TechCrunch
Autonomous air mobility firm Volocopter has added to the Sequence C funding spherical it introduced in September 2019. The German electrical vertical take-off and touchdown (eVTOL) plane maker introduced €50 million ($54 million at immediately’s trade charge) 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 all around the world.
This spherical additionally contains participation by Mitsui Sumitomo Insurance coverage Group, in addition to the enterprise arm of its father or mother MS&AD, together with TransLink Capital . Current traders together with Lukasz Gadowski and btov additionally participated on this spherical extension.
With this new funding, Volocopter brings its whole round $132 million, and it says it’ll use the newly acquired capital to assist certify its VoloCity plane, its air taxi eVTOL designed to move folks, which is on observe to turn into the corporate’s first ever automobile licensed for business operation. In the meantime, Volocopte may even use the brand new funds to assist proceed growth 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 building, metropolis infrastructure and agriculture.
Already, Volocopter has fashioned partnerships with firms together with John Deere for pilots of its VoloDrone, however it says 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 Seize on a feasibility research about air taxi companies 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 traders who stand to learn the corporate rather a lot not solely by way of funding, but in addition by way of supply-side and commercialization.