Joby Aviation, an electric air taxi company, raised $590 million in Series C funding led by Toyota Motor Corporation.
Prior investors, including SPARX Group, Intel Capital, Capricorn Investment Group, JetBlue Technology Ventures, Toyota AI Ventures, and AME Cloud Ventures, also contributed to the round and were joined by new investors Baillie Gifford and Global Oryx.
As part of the investment, Shigeki Tomoyama, the Executive Vice President of Toyota Motor Corporation, will join Joby Aviation’s board of directors.
This new investment brings the company’s total funding, including previous rounds, to $720 million.
Joby Aviation is an aerospace company developing and commercializing all-electric vertical takeoff and landing aircraft.
According to the company, its aircraft is a piloted, five-seat vehicle capable of vertical takeoff and landing and highly efficient, windborne forward flight. It can speed 200 miles per hour and can fly over 150 miles on a single charge. The aircraft is 100 times quieter than conventional aircraft during takeoff and landing and near-silent when flying overhead. The passenger experience is optimized for comfortable ride-sharing operations and efficient entry and exit.
“We are building a new system for transportation to transform your daily life, at greater safety and, in time, at a similar cost to driving,” said Joby Aviation founder and CEO JoeBen Bevirt.
“This collaboration with Toyota represents an unprecedented commitment of money and resources for us and this new industry from one of the world’s leading automakers. Toyota is known globally for the quality and reliability of their products driven by meticulous attention to detail and manufacturing processes. I am excited to harness Toyota’s engineering and manufacturing prowess helping to drive us to achieve our dream of saving a billion people an hour a day.”
Image Credit: Joby Aviation