The automotive group behind Lotus and Volvo has led a €50 million (£44 million) Series C investment in Volocopter, a German drone manufacturer that claims it is on track to bring on-demand air taxis to urban areas in the next three years.
Founded in 2012, Volocopter designs and manufactures electric multi-rotor helicopters for commercial use.
Its latest model the VoloCity is the company’s fourth-generation electric aircraft. The Volocity gets airborne via 18 electric powered rotors. The vehicle can travel up to 70 mph, with a range of 22 miles.
The funding round comes after its Volocopter 2X was