German flying taxi startup Lilium has raised $35 million of investment from Baillie Gifford. The British asset management firm is known for backing big names in tech – including Amazon, Airbnb, Spotify, Tesla, and SpaceX. Morgan Stanley has estimated the flying vehicle market could be worth close to $3 trillion globally by 2030. Lilium CFO Christopher Delbrück said the investment represented a "vote of confidence" in the company's mission. Visit Business Insider's homepage for more stories.
Lilium, the flying taxi startup based in Munich, has raised $35 million from investment firm Baillie Gifford, which previously backed Amazon, SpaceX, and Spotify. The firm is designing and manufacturing electric flying taxis, which it hopes to roll out across regions and nations in partnership with local authorities within the next decade. While many consign flying cars to the world of science fiction, Morgan Stanley has estimated the market could one day be worth close to $3 trillion globally. The new funding tops up the $240 million the firm revealed it had raised in March, bringing the Lilium's total funding to $375 million to date. Speaking to Business Insider, Lilium CFO Christopher Delbrück said: "Baillie Gifford is one of the world's most influential tech investors and their commitment represents a significant vote of confidence in both our physical product and our business case. "We look forward to working closely with Baillie Gifford as we seek to bring emissions-free, regional air mobility to the market as early as 2025. "The funds raised during this round give us the security to weather the challenging economic landscape we see around us and we're grateful to be able to stay fully focused on our mission." $70 flying taxi rides by 2025?
Lilium has prototyped the Lilium Jet, a five-seater electric aircraft that takes off and lands vertically. The company has previously demonstrated that its electric jet can take off vertically and then move into "level flight" — flying forward — and hit speeds of up to 100 kph (62 mph). The eventual goal is to hit speeds of 300 kph (190 mph) and launch flights, piloted by humans, that cost passengers as little as $70 each. The firm must still obtain European certification for its vehicle and prove it can safely ferry humans around before it can roll out a commercial offering. Michael Pye, Investment Manager at Baillie Gifford, added: "We are delighted to support the remarkable team at Lilium in their ambition of developing a new mode of transport. "While still at an early stage, we believe this technology could have profound and far-reaching benefits in a low-carbon future and we are excited to watch Lilium's progress in the years ahead."Join the conversation about this story » NOW WATCH: Pathologists debunk 13 coronavirus myths
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