Lilium Gets $90M Funding for Electric VTOL Project
Ron Perillo / 12 months ago
Flying car startup Lilium unveiled their working all-electric VTOL prototype back in April, showing that their design is functional. Even more impressive is that it has a higher top speed than a helicopter at 300km/h and shows a more passenger-friendly design than some of the drone prototypes from other companies.
Now, the company has secured $90M in funding to further their goals. This is a lot more than the $10M in Series A funding from last year. The backers in this round comprise of are Tencent, LGT, Obvious Ventures and Atomico.
The company has grown quite a bit since their initial funding. Now with over 75 employees and looking to hire more, especially engineers. Lilium states that they have built much of the business side already, having hired several key people in the transportation space recently.
They still have much work to do however since the 2025 passenger deadline is fast approaching. There is also pressure from other startups looking to make their mark in the electric air vehicle market. This includes Zee.Aero and Kitty Hawk backed by Larry Page, as well as Airbus’ Vahana. Uber is also working on a VTOL project that is on the calendar for a 2020 launch.