FRANKFURT -- German air taxi startup Volocopter said on Monday it had raised 50 million euros ($55 million) in a round of funding led by China's Geely Holding as it seeks to begin operating the aircraft service within three years.
Volocopter is developing electrically powered air taxis that can take off and land vertically, enabling passengers in mega cities to dodge traffic jams on the streets and reach destinations more quickly.
In addition to the third wave of investment, Geely and Volocopter are forming a joint venture to bring urban air mobility to the Chinese market.
The Chinese automotive group joins Germany's Daimler in backing Volocopter, which said the latest funding round would remain open as it seeks further backers. The company has raised a total of 85 million euros from investors so far.