The ePlane Company has raised $14 million in a Series B round led by Speciale Invest and Antares Ventures, and is planning to launch into the air taxi industry.
“We’ve said it many times before and we’ll say it again, the future of transportation is taking flight and we are proud to be pioneers of it,” said the company on LinkedIn. “Our focus on safety, sustainability and innovation will remain at the core of our strategy, and this investment will enable us to bring aerial mobility closer to reality.”
The ePlane Company has been developing all-electric vertical take-off and landing, or eVTOL, aircraft that can transport both passengers and cargo. According to the company, its vehicles have a 110 km range, a maximum speed of 200 km per hour, and a payload capacity of 200 kg. With the new funding, it will further develop its vehicles and pursue certification for autonomous air taxi testing starting next year, according to reporting from Reuters.
Entering the market will allow the Chennai-based company to tap into a $2.3 billion industry, which is expected to grow over the next decade as companies innovate with lithium-ion batteries and energy storage, enabling electric aircraft to travel longer distances.
