The flying cars’ promises have turned out to be a notion more identical with the shortcomings of the tech world than its present potential. However, today, one of the startups focused on making small, airborne vehicles a truth is declaring fundraise and mentions that it’s on the path for an official launch in two or three years.

Volocopter, which has been designing drone-like independent electric flying taxis for its (yet not launched)urban profitable passenger transportation service (the recent model is its VoloCity declared earlier this summer) has earned $55 million in funding directed by Zhejiang Geely Holding Group Company, Ltd, a Chinese automotive firm that owns Lotus, Volvo, and other car brands. Moreover, there are plans for one more noteworthy tranche of money underway, suppose to be stopped later this year.

As per the reports, Geely is investing beside other anonymous new and available sponsors in the Bruchsal, a company based in Germany. The former backers comprise Intel and Daimler, which is the German car giant, owning Mercedes and several other brands.

Volocopter’s  CFO, Rene Griemens, stated in a conference that the German organization aims to make use of the funding to persist operating on its taxi R&D; gathering security and other authoritarian needs for its little taxi vessels; working other imminent models like those that can convey cargo; & business development around commercial releases.

Yes, division of this most recent investment is making the path for future business: Geely & Volocopter are going to be work on a combined venture to carry the Volocopter and its “Urban Air Mobility” idea to China.

While there is no other “flying car” or commercial air-taxi services available as of now in any urban region, the marketplace for hopefuls is full, with the likes of eHang, Kitty Hawk, Uber, Lilium, and others building totally novel styles of aircraft & eager to play a function in providing short-term flights as a reasonable choice to road-based transportation.

Florian Reuter, CEO of Volocopter, said in a statement, “Urban mobility needs to evolve in the next few years to meet rising demand.” Adding further, he mentioned, “With our Volocopter air taxis, we are adding a whole new level of mobility in the skies.”

Among its several probable competitors, Volocopter has been more productive when it comes to developing and checking its drone-like vehicles. Recently, in Helsinki, it has become the first independent VTOL aircraft to function in similar airspace as additional official aircraft.

Some More Facts to the Story

The details of the way Volocopter’s services would function are still not precise, but Griemens stated that though Volocopter would possess the aircraft, it would perhaps associate with local service providers to assist run the service. He noted that the standard value of each plane might be similar to a little helicopter; however, operations would probably be price’s one-fifth to one-quarter. Probably early rides will be costly, but they guess the price would inevitably come down to taxi ride costs on the ground.

He said, “The goal was always to democratize flying.”

Its initial launch markets are expected to be Singapore, Dubai and an unnamed sizeable European capital. That could be anywhere in its home marketplace, like Germany or Helsinki; however, just as evenly London, where the firm has been captivating the city bureaucrats related to air-taxi service.

Nonetheless, still with authoritarian frameworks in position, setbacks can move toward in a lot of forms. It isn’t also the first instance that Volocopter has forecasted valuable services in “two to three years.”

Li Shufu, Geely’s chairman, said in a statement, “Geely is transitioning from being an automotive manufacturer to a mobility technology group, investing in and developing a wide range of next-generation technologies.”

“Our joint venture with Volocopter underlines our confidence in Volocopter air taxis as the next ambitious step in our wider expansion in both electrification and new mobility services,” he added further.

Startups like Volocopter symbolize a believable adaptation of the future of transportation, thus for organizations like Intel, Daimler, and Geely, which still contain big legacy organizations, investing in & functioning with Volocopter provides them a try at playing a pivotal role.

Geely previously works with the investor of Volocopter Daimler, which has been a creative sponsor in futuristic transportation services, on ride-sharing services.