Lilium, a German air rental start-up, said on Monday it had raised $35 m from Baillie Gifford, a 112-year-old Scottish asset manager, with a view to launching an eVTOL that can take off and land vertically by 2025. In addition, Lilium raised $240 million in early March, when the COVID-19 epidemic began to attract global attention.
As part of the expansion, Munich-based Lilium welcomed a new investor, Baillie Gifford. The Scottish asset manager has 112 years of history and is Tesla’s second-largest shareholder after Elon Musk.
Baillie Gifford is said to own 7.67 percent of Tesla and is valued at $10.35 billion. The March announcement revealed the leaders of the round, including Atomico, Freigeist, LGT, and Tencent.
“Baillie Gifford is one of the world’s most influential technology venture sbs, and its preference for Lilium demonstrates significant trust in our physical products and businesses,” Lilium Chief Financial Officer Christopher Delbr?ck said in a statement.
The report says Lilium is developing a prototype of an electric-powered “flying car” that can carry only a small number of passengers but is free to fly short-haul flights within urban areas. At present, the vehicle is still in the prototype stage, it will still be some time away from commercial promotion.
The company completed a phase-in test of a five-seat 36-rotor electric prototype in October 2019 at a speed of 100 km/h (62 mph). By 2025, Lilium is expected to be on track and operate in many places around the world.
The official Lilium Jet electric flight has a range of 300 km (186 miles) and a top speed of 300 km/h (186 mph), giving it a significant lead over competitors and even operating across the city.