Volocopter Secures $182 Million in Series E Funding to Propel eVTOL Development and Urban Air Mobility Ecosystem
Volocopter, an innovative German startup specializing in the development of electric vertical takeoff and landing (eVTOL) vehicles, has announced a significant milestone in its funding journey. The company has raised an additional $182 million in the second tranche of its Series E funding round, complementing the $170 million it secured earlier in March. This brings the total Series E funding to an impressive $352 million, maintaining the startup’s post-money valuation at $1.87 billion.
Pioneering the Future of Air Taxis with Velocity
Volocopter is focused on advancing its flagship two-seater air taxi, the VoloCity, a cutting-edge eVTOL aircraft designed to redefine urban transportation. Currently undergoing rigorous testing, the VoloCity is being developed to meet stringent requirements set by the European Union Aviation Safety Agency (EASA). The recent funding will bolster Volocopter’s extensive testing program, which aims to achieve the Special Condition for small category VTOL aircraft certification.
Certification is a critical prerequisite for commercialization, and Volocopter has set ambitious timelines. The company anticipates obtaining certification by the second half of 2023, with plans to launch its initial revenue-generating air taxi services in 2024.
Achievements and Progress Toward Certification
Volocopter has already achieved two significant regulatory milestones in its journey toward full type certification. In 2019, it received Design Organisation Approval from EASA, and in 2021, it secured Production Organisation Approval. These approvals are essential steps toward launching the VoloCity commercially, demonstrating Volocopter’s commitment to meeting the highest standards of safety and innovation. Neom, the visionary smart city project located in Saudi Arabia’s Tabuk Province, has taken a significant step toward revolutionizing urban air mobility by placing an order for 15 Volocopter aircraft. This strategic move underscores Neom’s commitment to establishing a state-of-the-art transportation ecosystem. The ordered aircraft are expected to play a pivotal role in Neom’s broader mobility plans, with initial flight operations anticipated to commence within the next one to two years. By integrating these cutting-edge eVTOL (electric vertical takeoff and landing) vehicles, Neom aims to create a seamless, sustainable, and technologically advanced air mobility network that aligns with its vision of a connected and futuristic urban environment.
Building the Urban Air Mobility Ecosystem
The additional funds from the Series E round will not only support the certification process but also help establish a robust ecosystem for urban air mobility (UAM). This includes the development of necessary infrastructure, integration with existing transportation networks, and raising public awareness about the benefits and safety of eVTOL technology.
According to a Volocopter spokesperson, the company aims to be operationally ready as soon as certification is granted. “First commercial operations will consist of a small fleet of VoloCity air taxis operating on select routes with paying customers,” shared Helena Treeck, Volocopter’s Head of PR. “Over time, we plan to expand the network of routes to provide more value to our customers, including significant time savings, service predictability, and, of course, the unique experience of flying over urban landscapes.”
Successful Public Demonstrations and Market Launch Planning
Earlier this month, Volocopter achieved another milestone by conducting its first crewed public test flight at Rome’s Fiumicino Airport. The demonstration included showcasing the VoloIQ digital platform, an advanced tool designed to support the entire eVTOL operation lifecycle. From customer bookings to real-time flight monitoring, VoloIQ aims to streamline air taxi services, making them accessible and efficient.
Rome is among the leading candidates for Volocopter’s market launch, but the company is also exploring other strategic locations, including Singapore, Paris, and Neom, a futuristic smart city under development in Saudi Arabia. Each of these cities offers unique opportunities for early adoption of urban air mobility solutions.
Strategic Investments and Global Partnerships
Neom emerged as a lead investor in Volocopter’s latest funding round, reflecting its vision of incorporating advanced mobility solutions into its infrastructure. The partnership between Neom and Volocopter was formalized last December through the creation of a joint venture. This collaboration focuses on integrating the VoloCity air taxi and the VoloDrone, a heavy-lifting electric drone, into Neom’s comprehensive mobility systems.
Neom has already placed an order for 15 Volocopter aircraft, with plans to initiate flight operations within the next one to two years. This move underscores Neom’s ambition to establish itself as a global leader in sustainable and connected urban mobility.
Volocopter’s strategic alliances extend beyond Neom. The company has formed a joint venture with Geely Holding, a leading automotive group in China, to bring urban air mobility to the Chinese market. As part of the partnership, Geely has committed to purchasing 150 Volocopter aircraft and will assist with local production. This collaboration positions Volocopter to capitalize on the immense potential of the Chinese UAM market, which is expected to play a pivotal role in the global adoption of eVTOL technology.
Looking Ahead: A Future of Sustainable Urban Mobility
Volocopter’s continued success in securing funding and building strategic partnerships underscores its leadership in the eVTOL industry. With a clear roadmap for certification, robust testing protocols, and a growing network of global partners, the company is poised to revolutionize urban transportation.
The introduction of the VoloCity air taxi promises to redefine mobility by offering a sustainable, efficient, and innovative alternative to traditional transportation methods. As Volocopter works toward its goal of launching commercial services, the world eagerly anticipates the transformation of urban travel, where air taxis become an integral part of city life.
In conclusion, Neom’s significant investment in 15 Volocopter aircraft symbolizes a groundbreaking shift in the evolution of urban air mobility, underscoring the city’s ambition to lead the world in smart, sustainable, and innovative transportation solutions. By incorporating these cutting-edge electric vertical takeoff and landing (eVTOL) vehicles into its advanced urban infrastructure, Neom aims to redefine the future of commuting, offering not only an eco-friendly alternative to conventional transportation but also a seamless and efficient travel experience that prioritizes time savings and convenience.
This bold move highlights Neom’s unwavering commitment to sustainability and technological innovation, aligning perfectly with its vision of creating a connected, intelligent, and environmentally conscious metropolis. The integration of Volocopter’s eVTOL technology into Neom’s broader mobility ecosystem is expected to enhance connectivity, reduce carbon emissions, and provide a reliable transportation option that complements the city’s futuristic urban planning.
As Neom prepares to commence initial flight operations within the next one to two years, it sets a precedent for other smart cities globally, showcasing how advanced technologies can be harnessed to create a harmonious balance between modernity and environmental stewardship. This initiative also underscores the growing importance of urban air mobility as a viable solution to the challenges posed by urban congestion and traditional transport inefficiencies.
The journey toward realizing a fully operational urban air taxi network in Neom is not just about deploying cutting-edge aircraft; it is also about fostering public trust, building robust infrastructure, and ensuring seamless integration with other modes of transportation. With this pioneering step, Neom is poised to become a global leader in urban air mobility, setting new standards for innovation, sustainability, and quality of life in urban environments.
As the city’s vision unfolds, the introduction of Volocopter aircraft into Neom’s mobility framework represents more than just a technological advancement—it symbolizes a commitment to shaping the future of urban living. This initiative is a testament to the potential of eVTOL technology to revolutionize the way we perceive and interact with urban spaces, offering a cleaner, faster, and more futuristic mode of transportation that aligns with the global shift toward sustainability and innovation.
Conclusion
In conclusion, Neom’s significant investment in 15 Volocopter aircraft symbolizes a groundbreaking shift in the evolution of urban air mobility, underscoring the city’s ambition to lead the world in smart, sustainable, and innovative transportation solutions. By incorporating these cutting-edge electric vertical takeoff and landing (eVTOL) vehicles into its advanced urban infrastructure, Neom aims to redefine the future of commuting, offering not only an eco-friendly alternative to conventional transportation but also a seamless and efficient travel experience that prioritizes time savings and convenience.
This bold move highlights Neom’s unwavering commitment to sustainability and technological innovation, aligning perfectly with its vision of creating a connected, intelligent, and environmentally conscious metropolis. The integration of Volocopter’s eVTOL technology into Neom’s broader mobility ecosystem is expected to enhance connectivity, reduce carbon emissions, and provide a reliable transportation option that complements the city’s futuristic urban planning.
As Neom prepares to commence initial flight operations within the next one to two years, it sets a precedent for other smart cities globally, showcasing how advanced technologies can be harnessed to create a harmonious balance between modernity and environmental stewardship. This initiative also underscores the growing importance of urban air mobility as a viable solution to the challenges posed by urban congestion and traditional transport inefficiencies.
The journey toward realizing a fully operational urban air taxi network in Neom is not just about deploying cutting-edge aircraft; it is also about fostering public trust, building robust infrastructure, and ensuring seamless integration with other modes of transportation. With this pioneering step, Neom is poised to become a global leader in urban air mobility, setting new standards for innovation, sustainability, and quality of life in urban environments.
As the city’s vision unfolds, the introduction of Volocopter aircraft into Neom’s mobility framework represents more than just a technological advancement—it symbolizes a commitment to shaping the future of urban living. This initiative is a testament to the potential of eVTOL technology to revolutionize the way we perceive and interact with urban spaces, offering a cleaner, faster, and more futuristic mode of transportation that aligns with the global shift toward sustainability and innovation.
