Joby Aviation acquires Uber Elevate and $75M investment

Joby Aviation, the eVTOL and air taxi manufacturer headquartered in Santa Cruz, California, is receiving a $75 million investment from Uber Technologies. This is on top of a previously undisclosed $50 million investment from a funding round in January of this year. As part of the deal, Joby will acquire Uber Elevate, Uber’s initiative to bring aerial ridesharing to fruition. Since 2016 Uber Elevate has partnered with manufacturers, policymakers, real estate developers and other technology companies to advance the development of airframes and other technology required for Unmanned Air Mobility. They also strive make progress in certification, regulation and infrastructure such as vertiports. They have developed tools to enable market selection, demand simulations and multi-modal operations which are part of this deal.

The two companies will start working more closely together, including integrating each others’ services into their respective apps, to provide seamless integration between ground and aerial ridesharing to customers. Joby’s most current aircraft design promises a quiet and emission free transportation service with a range of up to 150 miles at top speeds of 200mph.

Advanced air mobility has the potential to be exponentially positive for the environment and future generations. This deal allows us to deepen our partnership with Joby, the clear leader in this field, to accelerate the path to market for these technologies. We’re excited for their transformational mobility solution to become available to the millions of customers who rely on our platform.
– Dara Khosrowshahi, CEO, Uber

We were proud to partner with Uber Elevate last year and we’re even prouder to be welcoming them into the Joby team today, while deepening our cooperation with Uber. The team at Uber Elevate has not only played an important role in our industry, they have also developed a remarkable set of software tools that build on more than a decade of experience enabling on-demand mobility. These tools and new team members will be invaluable to us as we accelerate our plans for commercial launch.
– JoeBen Bevirt, founder and CEO, Joby Aviation

The transaction is expected to close in early Q1 2021, after regulatory reviews and customary closing conditions. Including the $125 million invested by Uber, Joby Aviation has secured $820 million up to now.

Photo Credit: Joby Aviation
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