Joby Aviation, a Santa Cruz, Calif.-based developer of an electric air taxi, raised $590m in Series C funding.
The round, which brought total funding, including previous rounds, to $720m, was led by Toyota Motor Corporation, with participation from SPARX Group, Intel Capital, Capricorn Investment Group, JetBlue Technology Ventures, Toyota AI Ventures, and AME Cloud Ventures, joined by new investors Baillie Gifford and Global Oryx (ALJ family’s investment arm). In conjunction with the funding, Shigeki Tomoyama, the Executive Vice President of Toyota Motor Corporation, will join Joby Aviation’s board of directors.
The company intends to use the funds to continue to expand its aircraft development and production efforts.
Led by founder and CEO JoeBen Bevirt, Joby Aviation has developed an all-electric VTOL (vertical takeoff and landing) aircraft, a piloted, five-seat vehicle capable of both vertical takeoff and landing and highly efficient, wingborne forward flight. It is capable of speeds of 200 miles per hour and can fly over 150 miles on a single charge. The aircraft will be operated as a service with per-trip passenger pricing. Over time, that price should approach the cost of ground transportation. Joby has offices in Santa Cruz, San Carlos and Marina, CA.