Wisk Aero LLC, an air taxi startup, today said that it has raised $450 million from The Boeing Co. to advance its goal of building a passenger aircraft fleet with capacity for more than 10 million flights a year.

Mountain View, California-based Wisk detailed that a part of the funds will go toward developing a new version of its air taxi. In parallel, the startup will make preparations to begin large-scale aircraft manufacturing.

Wisk’s air taxi (pictured) is an electric passenger aircraft intended to provide a faster alternative to cars. The current iteration of the air taxi has a maximum speed of 100 miles per hour and a 25-mile range. The aircraft features autonomous flying software that allows it to operate without a pilot onboard.

Wisk’s air taxi takes off vertically like a helicopter and lands the same way. The aircraft takes flight with the help of 12 rotors that in certain respects operate independently from one another, the startup says. If one of the 12 rotors experiences a failure, the air taxi can recover from the issue automatically.

The ability to recover from issues in the vertical lift system is one of numerous safety features that Wisk has built into its aircraft. The startup also implemented multiple redundant systems, which means that if an important component fails, there is a backup available. Each Wisk air taxi features a parachute system for added measure.

“As we enter this next stage of our growth, this additional funding provides us with capital while allowing us to remain focused on our core business and our number one priority, safety,” said Wisk Chief Executive Officer Gary Gysin. 

Since launching in 2010, Wisk has carried out more than 1,500 test flights and built five iterations of its air taxi. The startup is now working on a sixth iteration, which it says will be the “first-ever candidate for certification of an autonomous, all-electric, passenger-carrying aircraft in the U.S.” The $450 million funding round announced today will be used partly to support development of the new aircraft. 

Within five years of its sixth-generation air tax receiving a certification, Wisk intends to build an aircraft fleet capable of transporting more than 40 million passengers a year across 20 cities. Wisk’s vision involves building capacity for nearly 14 million flights per year, the startup detailed today.

Wisk is one of several companies developing air taxis. Another player in this emerging market, Joby Aviation, went public last year. Joby Aviation previously raised funding from investors that included Intel Corp. and Toyota Motor Corp.’s Toyota AI Ventures investment arm.

Image: Wisk