Joby Aviation acquires Uber Elevate
Uber’s aerial ridesharing ecosystem Uber Elevate has been acquired by Joby Aviation, eVTOL manufacturer and one of its partners in the initiative.
Uber Technologies, Inc has also agreed to invest a further $75m in Joby as part an expanded partnership between the two parent companies. This investment comes in addition to a previously undisclosed $50m investment made as part of Joby’s Series C financing round in January 2020.
The new $75M investment brings Uber’s all-time total investment in Joby to $125 million and Joby Aviation’s total funding, including previous rounds, to $820m.
The two parent companies have agreed to integrate their respective services into each other’s apps, enabling seamless integration between ground and air travel for future customers.
JoeBen Bevirt, founder and CEO, Joby Aviation: “The team at Uber Elevate has developed a remarkable set of software tools that build on more than a decade of experience enabling on-demand mobility. These tools and new team members will be invaluable to us as we accelerate our plans for commercial launch.”
Joby aims to operate a transportation service using the all-electric VTOL it has spent the last decade developing. With a range of up to 150 miles and a top speed of 200 mph
Dara Khosrowshahi, CEO, Uber: “Advanced air mobility has the potential to be exponentially positive for the environment and future generations. This deal allows us to deepen our partnership with Joby, the clear leader in this field, to accelerate the path to market for these technologies.”
The transaction is expected to close in early Q1 2021.