Air taxi startup Volocopter GmbH today announced that it has secured $182 million in new funding.

The capital was raised in the second signing of a Series E funding round that the startup originally disclosed earlier this year. In the first part of the Series E round, Volocopter raised $170 million from investors. Saudi Arabia’s Neom smart city project and GLy Capital Management, a Hong Kong-based investment firm backed by automaker Geely, participated in the second signing of the funding round.

“Raising over USD 180 million despite the generally tense economic climate highlights Volocopter’s robust technology strategy and its ongoing progress toward achieving market readiness,” said Volocopter Chief Commercial Officer Christian Bauer. 

Founded in 2011, Volocopter is developing an air taxi called the VoloCity that takes off vertically like a helicopter and flies like a plane. The VoloCity uses 18 rotors supported by more than 100 processors to navigate the skies. According to Volocopter, its air taxi can carry two passengers to a destination more than 21 miles away with a maximum speed of about 68 miles per hour.

Volocopter’s other major focus area is the air freight market. In parallel with the VoloCity air taxi, the startup is developing a cargo drone called the VoloDrone that will be capable of carrying up to 440 pounds of merchandise between facilities such as logistics warehouses. The aircraft is expected to have a maximum range of nearly 25 miles.

Alongside its air taxi and cargo drone, Volocopter is working to build the infrastructure necessary to facilitate urban air travel. VoloCity aircraft will take off and land at flight hubs called VoloPorts that Volocopter plans to build in cities worldwide. VoloPorts are expected to be built in locations such as airports and will require less space than two tennis courts, according to the startup.

Software is an important component of Volocopter’s urban air travel plans. The startup is developing a software platform, dubbed VoloIQ, that is set to run on Microsoft Corp.’s Azure public cloud and will help support air taxi fleets. Volocopter says that the platform will be capable of performing tasks such as detecting when an aircraft requires maintenance. Additionally, VoloIQ is expected to power a mobile app that will enable users to book flights as well as access other transportation options.

Volocopter has received a Design Organisation Approval from the European Union Aviation Safety Agency, an important step towards securing regulatory approval for commercial air taxi flights. The startup is currently working to secure the other necessary certifications. Volocopter expects to launch its first commercial air taxi routes within two years.

Photo: Volocopter