Joby Aviation Raises USD 590 Million in Series C Round Led by Toyota

Joby Aviation aims to deliver fast, affordable, and zero-emissions air mobility to communities worldwide. Over the last ten years, the company's team, comprised of physicists and engineers has developed a quiet, all-electric VTOL (vertical takeoff and landing) aircraft

FREMONT, CA: Electric Air Taxi development startup Joby Aviation raised USD 590 million in a Series C funding round led by Toyota Motor Corporation, with participation from prior investors SPARX Group, Intel Capital, Capricorn Investment Group, JetBlue Technology Ventures, Toyota AI Ventures, and AME Cloud Ventures. New investors included Baillie Gifford and Global Oryx (ALJ family's investment arm). As part of the deal, Shigeki Tomoyama, the Executive Vice President of Toyota Motor Corporation, will join Joby Aviation's board of directors. With this new investment, the company has raised a total of USD 720 million in Series funding to date.

"We are building a new system for transportation to transform your daily life, at greater safety and, in time, at a similar cost to driving," said Joby Aviation founder and CEO JoeBen Bevirt. "This collaboration with Toyota represents an unprecedented commitment of money and resources for us, and this new industry from one of the world's leading automakers. Toyota is known globally for the quality and reliability of its products driven by meticulous attention to detail and manufacturing processes. I am excited to harness Toyota's engineering and manufacturing prowess, helping to drive us to achieve our dream of saving a billion people an hour a day."

Joby Aviation aims to deliver fast, affordable, and zero-emissions air mobility to communities worldwide. Over the last ten years, the company's team, comprised of physicists and engineers, has developed a quiet, all-electric VTOL (vertical takeoff and landing) aircraft. The aircraft will be instrumental in the commercial launch of the upcoming on-demand urban air taxi market. Toyota will be sharing its expertise in manufacturing, quality, and cost controls to support the development and production of Joby Aviation's aircraft. The new capital will accelerate the certification and deployment of this new mode of local transportation.

"Air transportation has been a long-term goal for Toyota, and while we continue our work in the automobile business, this agreement sets our sights to the sky," said Toyota President and CEO Akio Toyoda. "As we take up the challenge of air transportation together with Joby, an innovator in the emerging eVTOL space, we tap the potential to revolutionize future transportation and life. Through this new and exciting endeavor, we hope to deliver freedom of movement and enjoyment to customers everywhere, on land, and now, in the sky."

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