Joby Aviation has raised $590m in Series C funding led by Toyota Motor Corporation.
Prior investors, including SPARX Group, Intel Capital, Capricorn Investment Group, JetBlue Technology Ventures, Toyota AI Ventures, and AME Cloud Ventures, also contributed to the round, and were joined by new investors Baillie Gifford and Global Oryx (ALJ family’s investment arm).
Shigeki Tomoyama, the executive vice president of Toyota Motor Corporation, will join Joby Aviation’s board of directors.
The new investment brings the company’s total funding, including previous rounds, to $720m.
Joby Aviation says its mission is to bring fast, affordable, and zero-emissions air mobility to communities worldwide.
Over the past 10 years, the company’s team of engineers and physicists has developed a quiet, all-electric VTOL aircraft, which will be instrumental in the commercial launch of the emerging on-demand urban air taxi market.
Following the funding-led round, Toyota will share its expertise in manufacturing, quality, and cost controls to support the development and production of Joby Aviation’s aircraft.
This support, along with the capital investment, will accelerate the certification and deployment of this new mode of local transportation.
Founder and CEO of Joby, JoeBen Bevirt, said: “We are building a new system for transportation to transform your daily life, at greater safety and, in time, at a similar cost to driving.”
Adding: “This collaboration with Toyota represents an unprecedented commitment of money and resources for us and this new industry from one of the world’s leading automakers. Toyota is known globally for the quality and reliability of their products driven by meticulous attention to detail and manufacturing processes. I am excited to harness Toyota’s engineering and manufacturing prowess helping to drive us to achieve our dream of saving a billion people an hour a day.”
While Toyota president and CEO, Akio toyoda, said: “Air transportation has been a long-term goal for Toyota, and while we continue our work in the automobile business, this agreement sets our sights to the sky.”
Concluding: “As we take up the challenge of air transportation together with Joby, an innovator in the emerging eVTOL space, we tap the potential to revolutionize future transportation and life. Through this new and exciting endeavor, we hope to deliver freedom of movement and enjoyment to customers everywhere, on land, and now, in the sky.”