Munich-based aviation startup Lilium is soaring higher today with a funding boost of $240 million.
The internal funding round is led by Tencent, with Atomico, Freigeist and LGT participating. The funding will fuel Lilium’s development and production of the Lilium Jet, an all-electric, VTOL passenger drone .
According to a company press release, Lilium plans to operate regional air mobility service as early as 2025, having recently completed first-stage flight testing in Germany. The fresh cash injection brings Lilium’s total funding to $340 million. Last year, Pitchbook pegged the company’s value at $470 million.
“This additional funding underscores the deep confidence our investors have in both our physical product and our business case,” Lilium CFO Christopher Delbrück said. “We’re very pleased to be able to complete an internal round with them, having benefited greatly from their support and guidance over the past few years.”
A Lilium spokesperson told Global Aviator the 36-engine jet consumes around 90 percent less energy than other drone-style aircraft. That translates to a range of about 186 miles with a top speed of 186 mph.