Joby Aviation, a California stationed aerospace firm that has been working on the electric plane for over a decade, closed its newest round of financing with $590 million in enterprise capital funding — and a significant new associate.
Toyota will collaborate with Joby to design and build a line of vertical takeoff and landing plane for use in a ride-hailing service.
The Japanese auto titan was a part of an earlier Joby funding round that closed in 2018, helping the secretive startup sack $100 million.
Toyota liked what it saw, as a result of it stepped up to lead this newest round of fundraising, making Joby’s total raise to $720 million.
Joby recently signed a pact with Uber to deploy its air taxis on its ride-hailing platform — although it’s unclear whether Toyota’s air taxis will make the cut.
JoeBen Bevirt invented Joby, who founded the company in 2009. The company function in relative obscurity until 2018, when Joby declared it had raised a shocking $100 million from a variety of buyers, along with the enterprise capital subsidiaries of Intel and Toyota.
The money financed the development of the company’s air taxi prototype, which has been carrying out test flights at Joby’s airfield in Northern California.
Unlike the dozens of other firms that are currently engineering electric VTOL aircraft, Joby has kept much of its venture under wraps.