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Lilium gains additional $35M for its electric aircraft taxi service

Lilium gains additional $35M for its electric aircraft taxi service
Lilium gains additional $35M for its electric aircraft taxi service

While most of the developers of cutting-edge technology are focused on the ground, like developing autonomous cars and robo-taxis, there are few aviation startups working on developing battery-powered ‘flying taxis’ that may one day carry passengers over cities blocked with traffic.

Munich-based Lilium GmbH is one such aviation firm engaged in developing all-electric aircraft for air mobility. The company has reportedly raised an additional USD 35 million in funding to build up its service, which it hopes will be a breakthrough. This capital is a USD 240 million extension for Lilium, which was announced in March of this year.

In an interview, Dr. Remo Gerber, the Chief Commercial Officer of Lilium, reported the addition of more funds is coming to the firm. This is in line with the reports that announced last year that Lilium was looking to collect USD 400 million in total.

According to sources, till this date, Lilium has raised more than USD 375 million and has a valuation close to USD 1 billion, making it one of the highly capitalized and valuable aviation firm of the next generation. The additional funding for Lilium comes at a key moment, since the company is facing several immediate challenges.

Gerber said that the most recent injection of financing was both practical and opportunistic. He also pointed out that Baillie Gifford is a great investor and has helped the company to improve its finances for anything that might happen next in this time of insecurity.

The firm currently has 450 employees and no layoffs have been recorded at a time when millions have lost jobs worldwide. With a lot of people working at home on the design side, Lilium is also well equipped to take on the next phase of the development with social distance protocols, Gerber said.

Source Credit - https://techcrunch.com/2020/06/08/lilium-adds-35m-from-baillie-gifford-at-a-1b-valuation-for-its-electric-aircraft-taxi-service/

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