Joby Aviation has raised $590 million in Series C funding, including $394 million from lead investor Toyota Motor Corporation, to support the development of its all-electric vertical take-off and landing (VTOL) aircraft.
This new investment for the California-based aerospace company brings its total funding, including previous rounds, to $720 million. 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 (ALJ family’s investment arm).
Joven Bevirt, Founder and CEO of Joby Aviation, said: “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. 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.”
Joby Aviation will now benefit from Toyota’s expertise in manufacturing, quality and cost control, to support the development and production of its air taxi service. Shigeki Tomoyama, the Executive Vice President of Toyota Motor Corporation, will also join Joby Aviation’s board of directors.
Akio Toyoda, Toyota President and CEO, said :“Air transportation has been a long-term goal for Toyota, and while we continue our work in the automobile business, this agreement sets our sights to the sky.
“As we take up the challenge of air transportation together with Joby, an innovator in the emerging eVTOL space, we tap the potential to revolutionize future transportation and life. Through this new and exciting endeavor, we hope to deliver freedom of movement and enjoyment to customers everywhere, on land, and now, in the sky.”
Joby Aviation’s piloted aircraft can seat up to four passengers and reach a top speed of 200 miles per hour – flying more than 150 miles on a single charge. Producing zero emissions and near-silent when flying, it is also 100 times quieter than a conventional aircraft during take-off and landing.
Founded in 2009, Joby Aviation’s mission is to get people to their destination five times faster than driving – helping to reduce urban congestion and accelerate the shift to more sustainable modes of transportation.