Intel increases investment in air taxi startup

November 07, 2017 //By Christoph Hammerschmidt
Volocopter prototype at the IAA Frankfurt
In a new financing round, Intel has increased its investment in startup company Volocopter GmbH (Bruchsal, Germany). New investors were also present in the round, with a total of 5 million euros going to the start-up.

Volocopter develops an electric VTOL aircraft powered and held in the air by means of 18 rotors. The Copter prototype is currently flown by a pilot; later, it is expected to move autonomously through the air.

According to media reports, European venture capitalist btov Partners has entered the financing for the start-up company. Helvetia Venture Fund and various business angels are involved in the current round via btov. Intel also participated again the investment round, Volocopter indicated on request. The fresh capital will be used to recruit additional engineers in the areas of flight system development, software and electric drive technology.

The Volocopter is designed to be used as an air taxi in urban agglomerations and as a heavy-duty drone. The first test field is Dubai. A few weeks ago, the startup successfully completed the maiden flight of a two-seater prototype there.

At the last financing round in August, founders Stephan Wolf and Alexander Zosel collected 25 million euros. At that time, the financial backers included carmaker Daimler, Intel and the founder of the online delivery service Delivery Hero, Lukasz Gadowski.