CIG News – Toyota Invests $394 Million In Flying Taxi Startup Joby Aviation. News provided by Benzinga Tech, The tech sector is the category of the markets relating to the research & development and/or distribution of technological based services as well as goods.
Joby Aviation, a California-based electric air taxi startup, has raised $590 million in Series C financing that includes a $394 million investment from Toyota Motor Corp. (NYSE: TM), which led the funding round.
Other notable investors include prior participants SPARX Group, Intel Capital, JetBlue Technology Ventures, Toyota AI Ventures, Capricorn Investment Group and AME Cloud Ventures. New investors are Baillie Gifford and Global Oryx.
This financing round brings Joby Aviation's total investment to $720 million, giving a significant boost to the company's objective to design and develop an electric air taxi service —- a solution that Toyota hopes will make it a pioneer in the vertical takeoff and landing (VTOL) space.
In recent years, original equipment manufacturers (OEMs) have been bullish about technology and mobility trends like mobility-as-a-service, on-demand mobility, autonomous driving and VTOL vehicles. OEMs are investing heavily in these segments and partner with market incumbents or with promising startups to ensure they are not left behind in the new-age mobility …
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