SkyDrive Raises Approximately 8 Billion Yen to Accelerate eVTOL Development and Manufacturing
August 29, 2024
On 27 August 2024 Toyota-based SkyDrive Inc. announced that it had completed a third additional Series C funding round, secured through a third-party allocation of new shares to four organizations. This latest investment brought the total raised (across three additional Series C funding rounds) to a total of 8 Billion Yen.
Investors in this additional Series C funding round were Inventum Ventures, Osaka Metro Co., Ltd, Energy & Environment Investment, Inc. and Mizuho Bank, Ltd.
SkyDrive was established in Toyota, Aichi Prefecture, in July 2018 with the ambitious mission statement of “taking the lead in the once-in-a-century mobility revolution.” Its vision is to create a future where eVTOLs are routinely used as a means of daily transportation in Japan and across the world. SkyDrive has been testing flying car concepts and prototypes since 2014 and made its first crewed eVTOL test flight in Japan in 2019. . SkyDrive is developing a digital platform that will enable it to consistently manage aircraft data throughout the entire lifecycle—from design and manufacturing to post-delivery. This platform will allow the company to monitor the condition of the aircraft even after it has been delivered to the customer.
The company is in the process of acquiring Japan Civil Aviation Bureau and Federal Aviation Administration certifications for its SkyDrive Model SD-05. SkyDrive is currently in the process of undertaking certification activities in parallel with development, and aims to reach an agreed certification plan. After this certification plan is agreed, SkyDrive will conduct ground and flight tests to verify that the aircraft meets the required standards and performance criteria.
With this new investment, SkyDrive plans to upgrade both facilities and organization for ground and flight testing with the aim of accelerating its development and certification activities. Additionally, the company will expand and strengthen its quality assurance and other key departments to support the transition to mass production, ensuring that its aircraft meet the standards of quality and reliability.
The company began production of its aircraft in March 2024, at a plant owned by the Suzuki Motor Corporation, its official production partner.
Tomohiro Fukuzawa, the CEO of SkyDrive Inc. highlighted Suzuki’s importance to his company’s efforts: “In terms of business development, we are also working with Suzuki to develop the market in India and have concluded a strategic partnership with the government of Gujarat. In the United States, we established SkyDrive America, Inc. in September 2023, and we are currently developing practical use cases originating from regional airports in South Carolina, Georgia, and other states.”
SkyDrive has received a total of 263 pre-orders for its eVTOL from Japan, the United States, South Korea and Vietnam. SkyDrive has been selected to participate in the Advanced Air Mobility project at Expo 2025 in Osaka, Kansai, Japan.
