German firm Lilium, the company which is making an on-demand air mobility service through its flying taxis has announced another financial infusion. Tencent is leading the $240 million worth Series C round with help from other existing investors including Atomico, Freigeist, and LGT.
Before this round, Lilium had picked up $90 million in the Series B funding which was again led by Tencent. The current infusion takes the total amount raised by the firm to $341.4 million.
Lillium was founded by Daniel Wiegand, Matthias Meiner, Patrick Nathen, and Sebastian Born in 2015. The company is designing and building vertical take-off and landing (VTOL) aircraft which can fly up to 100 km/h.
Christopher Delbrück, the CFO of the firm talking about the financing said, “This additional funding underscores the deep confidence our investors have in both our physical product and our business case. We’re very pleased to be able to complete an internal round with them, having benefited greatly from their support and guidance over the past few years. The new funds will enable us to take big strides towards our shared goal of delivering regional air mobility as early as 2025.”
David Wallerstein, the Chief eXploration Officer at Tencent through a statement said, “At Tencent, we’re committed to supporting technologies that we believe have the potential to tackle the greatest challenges facing our world. Over the last few years, we’ve had the opportunity to see the professionalism and dynamism with which Lilium are approaching their mission and we’re honored to be supporting them as they take the next steps on their journey.”
Image courtesy: Lilium