German-based on-demand air mobility startup, Lilium, has announced that it further added $35 million, counting the total capital of Series C funding to around $275 million. With this fresh capital, the startup has approached as the much-covered unicorn startup with the valuation exceeding $1 billion, an official familiar with the matter suggested.
The UK-based asset management firm, Ballie Gifford, who earlier invested in California-based an aerospace manufacturer, SpaceX, and e-commerce giant, Amazon and most importantly known as Elon Musk’s Tesla’s biggest external investor, has now invented in Lilium and bet over that it is the next big thing as flying taxis. Lately, Lilium is developing an aircraft to make the intra-city travel as smooth as renting an Uber to go downtown.
In a talk with the famous publishing firm, Lilium CCO Remo Gerber said, with the latest investment, the German aviation startup has bagged more than $375 million in funding to date. The startup aims to come live with its flying taxis to the skies in multiple cities worldwide by 2025. It is eventually pointing to break into New York City, even though no timeline has been set.
In a statement, Michael Pye investment manager at Ballie Gifford said, while Lilium is still at an early stage however we believe its technology could have overwhelming and far-reaching benefits in a low-carbon future.
Lilium’s manufactured aircraft can take off and land vertically, making it an all-rounder just like a helicopter but much quite comparatively as well as cheap to operate thanks to its electric engines. The startup claims that its flying taxis will be able to trip passengers from New York to Boston within an hour on a single charge.
Remo Gerber further added that the pandemic has had not a large impact on Lilium, as the startup has not yet started on large-scale manufacturing. A large portion of our work is desktop-based, and we have a team capable and habitual to work remotely from the beginning, so we have no issue adapting it.
In fact, Lilium might be able to eventually take advantage of the pandemic outbreaks, which has witnessed some companies becoming more accepting of remote work.
The remote work might open up more opportunities to potentially have a larger space or lower rent and also open up entirely new possibilities for employees to live in places that today may not really well be connected.
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