Lilium looking to raise up to $500 million in new funding round

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German eVTOL manufacturer Lilium is hoping to raise between $400 million and $500 million in venture capital according to a report from TechCrunch.

The company is planning a lot more than just a personal air vehicle. Lilium envisions a complete regional air mobility service, complete with supporting infrastructure and flight-booking software. Lilium hopes to launch the service in a yet-to-be-revealed location in 2025.

As opposed to its contemporaries, Lilium is focusing on connecting regions.  It wants to link cities with not only suburbs, but with other cities, boasting a 300km range on a single charge.

So far, the company has raised $101.4 million according to Crunchbase figures, with its largest investor being Chinese Conglomerate Tencent, which contributed $90 million in a Series B round. It also has the backing of Atomico and Obvious Ventures.

The Munich-based start-up announced the first test flight for its five-seater Lilium Jet in May this year. The aircraft is powered by 36 all-electric jet engines. With a top speed of 300Km/h, the Lilium Jet looks to be able to fly its max-range missions in an hour.

Citing sources familiar with the matter, TechCrunch claims that this latest round has yet to close. If the company were to source even $400 million, it would represent the single largest funding round from an eVTOL company to date.

eVTOls are becoming one of the darling markets for technology venture, seed and angel funding.

Fellow German eVTOL manufacturer Volocopter has raised €81.2M according to Crunchbase figures. Its most recent funding round in September was led by Chinese automobile manufacturer Zhejiang Geely Holding Group and raised €40 million.