Joby Aviation, a pioneer in the development of an electric air taxi, has raised $590 million in Series C funding led by Toyota Motor Corporation.
Prior investors, including SPARX Group, Intel Capital, JetBlue Technology Ventures, Toyota AI Ventures, and others also contributed to the round. They were also joined by new investors Baillie Gifford and Global Oryx (ALJ family’s investment arm). Shigeki Tomoyama, the Executive Vice President of Toyota Motor Corporation, will join Joby Aviation’s board of directors. This new investment brings the Company’s total funding, including previous rounds, to $720 million.
Joby Aviation’s mission is to bring fast, affordable, and zero-emissions air mobility to communities worldwide. Over the past 10 years, the Company’s team of engineers and physicists has developed a quiet, all-electric VTOL (vertical takeoff and landing) aircraft. It will be instrumental in the commercial launch of the emerging on-demand urban air taxi market. While, Toyota will share its expertise in manufacturing, quality, and cost controls to support the development and production of Joby Aviation’s aircraft. This support, along with the capital investment, will accelerate the certification and deployment of this new mode of local transportation.
Joby Aviation founder and CEO, JoeBen Bevirt said:
“We are building a new system for transportation to transform your daily life. Along with a greater safety and, in time, at a similar cost to driving. Moreover, this collaboration with Toyota represents an unprecedented commitment of money and resources for us. This new industry from one of the world’s leading automakers. Also, Toyota is known globally for the quality and reliability of their products. Driven by meticulous attention to detail & 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.”
Toyota President and CEO Akio Toyoda said:
“Air transportation has been a long-term goal for Toyota. 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 with Joby, we tap the potential to revolutionize future transportation & life. Through this new & exciting endeavor, we hope to deliver freedom of movement & enjoyment to customers everywhere, on land, and now, in the sky.”