Flying Car Startup Funding on the Rise

Flying car startups of various types are drawing funding from investors ranging from venture capitalists to established airlines.

Zero Gravity Aircraft Industry, the Chinese maker of a six-seat eVTOL (electric vertical takeoff and landing) vehicle, just raised $14 million in a new financing round.

The latest financing came from Nanjing Jiaogong, Hefei Angel Fund and shareholder Lanchi Venture Capital.

The financing is intended to be used for research and development and test flight of the company’s flagship model ZG-T6 tilt-rotor craft and to start mass production.

A Nanjing Jiaogong subsidiary plans to help with the plan of "focusing on scenic low-altitude experience as the main business, equipped with eVTOL related extension services and gradually realizing UAM (Urban Air Mobility) transition, aiming to become the world's leading intelligent and advanced low-altitude transportation service provider,” according to the company funding announcement.

This is the latest in a continuing flood of investments into electric aerial vehicles (EAV).

For example, Archer Aviation recently received $215 million in funding from United Airlines, Boeing, Stellantis and Ark Investment Management.

Boeing also previously invested $450 million in EAV company Wisk and recently acquired the startup, making it a Boeing subsidiary.

Related:Flying Car Startup Funding Tops $1B; Backed by Boeing, United Airlines

The total investment in Archer’s EAV development is now $1.1 billion.

While not exactly an investment, orders and pre-orders for flying vehicles are also adding up. 

For example, Ace VTOL In Perth, Australia, received a $250 million order for its vehicles to be sold in U.S. showrooms by Aeroauto of West Palm Beach Florida.

Alef Aeronautics received 2,500 pre-orders for its electric flying car with a total value of $750 million upon delivery.

Sino Dragon Airlines agreed to purchase 100 eVTOLs from the Geely Auto Group and United Airlines, United Airlines and Delta Air Lines all have orders or preorders in.

Flying vehicles are on the way, with plenty of funding behind them.