Aviation startup Lilium is preparing for a post-COVID-19 world following a fresh investment of more than $240 million.
Tencent led the round, with participation from other existing investors such as Atomico, Freigeist and LGT.
The deal brings Lilium’s total funding to date to more than $340 million, with its most recent round occurring in 2017.
Munich, Germany-based Lilium is developing an emissions-free, vertical takeoff air taxi that it plans to operate with a regional mobility service as early as 2025.
The company also completed its first stage of flight testing.
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Funds will be used to further develop Lililum’s five-seater jet and to establish a foundation for serial production within its new manufacturing facilities.
"This additional funding underscores the deep confidence our investors have in both our physical product and our business case,” says the company's CFO, Christopher Delbrück.
On February 27, a prototype of Lilium’s electric vertical takeoff and landing aircraft was reportedly damaged after it caught on fire during ground maintenance.
“We will continue our flight test campaign with this aircraft once we have fully understood the cause of this incident,” the company said in a statement, according to the Aviation Week Network.
The company added that there were no injuries from the incident.