The idea of flying cars continues to attract venture capital investors around the world. In Japan, Tokyo-based flying car developer Skydrive has secured US$14 million in fresh funding that will be used to speed up the development of its products and conduct a test flight within this year.
The fresh capital infusion brings SkyDrive’s total funding to US$18.5 million since its inception in 2018. The funding round was backed by Yahoo Japan’s investment arm Z Corporation, Energy & Environment Investment, Itochu Technology Ventures, Strive, and Drone Fund.
As a result of the investment, Strive General Partner Tatso Tsutsumi will join SkyDrive’s board as an outside director, according to a statement.
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SkyDrive said it will use the fresh funds to boost the development of its drone and then conduct a test flight before the end of 2019. As part of its expansion plan, the company will also hire more people and boost its technology to achieve its aim of making “Flight to All” a reality.
Chief Executive Tomohiro Fukuzawa explained that the latest financing further underscores the company’s speed of development and its hardworking team. The investment, he added, will be instrumental in getting SkyDrive’s technology into the skies.
The flying car that SkyDrive is developing is a vertical take-off and landing pilotless aircraft powered by electricity. This flying car can be used as taxis in cities and transportation in mountainous areas and remote islands.
This type of vehicle can also be used as emergency transportation during disasters and calamities when the ordinary form of transportation cannot be used.
Fukuzawa said flying cars will be the means of transport of the future and SkyDrive is making a giant leap to make that happen. He added that the company’s flying car will “improve the lives of consumers” around the world by providing “happiness of flying” and “efficiency of moving”.
SkyDrive was established last year by members of CARTIVATOR, a group of engineers who specialise in drones, aircraft, and automotive.[/ihc-hide-content]