$192 Million Raised for Air Taxi Service

The developer of an electric vertical takeoff and landing jet has announced it has secured $192 million in a financing in addition to a coming public offering.

Lilium is receiving funding from different investors including board members and Tencent Holdings, one of its initial backers.

The company, founded in 2015, has manufacturing facilities in Munich, German, with teams in the U.S. and Europe.

The Federal Aviation Administration (FAA) last month issued Lilium a certificate validation of its Jet. The company previously obtained airworthiness authority from the European Union Aviation Safety Agency.

“We are the first powered lift eVTOL pioneer in our industry holding a Certification Basis from EASA and the FAA,” said Alastair McIntosh, Lilium chief technology officer. “This is a major step towards our goal of achieving early certification of our aircraft in key markets to support a worldwide entry into service.”

Lilim is among a small number of companies seeking certification of its electric aerial vehicle (EAV) for both the U.S. and Europe.

The funding is expected to help the company goal of leading its air taxi to test flights.