Japanese eVTOL aircraft developer SkyDrive has raised a further 8 billion Yen ($55 million) in the latest of its Series C funding rounds. Investors for the round that concluded this week include Inventum Ventures, Osaka Metro, Mizuho Bank, and Energy & Environment Investment, which also backed the Series A and B fundraising.
Announcing the latest commitments, SkyDrive said it will use the additional capital to upgrade its capabilities to accelerate ground and flight testing of its three-seat SD-05 aircraft. It will also strengthen its quality assurance team and other departments as it prepares for mass production.
Osaka Metro, which operates subway trains and trams, is cooperating with SkyDrive in plans to demonstrate the eVTOL aircraft during the Expo 2025 event the Japanese city will host. The public transportation company has agreed to develop and operate a vertiport outside the Expo venue.
The company is seeking type certification from both Japanese and U.S. regulators in time to start deliveries in 2026. It said it now holds pre-orders for 263 aircraft from prospective customers in Japan, the U.S., South Korea, and Vietnam.
“Since the [first round of] Series C funding in September 2022, we have been able to make great progress in the development of our eVTOL aircraft with many top-class engineers from around the world joining our team,” said Tomohiro Fukuzawa, SkyDrive’s CEO. “With the cooperation of Suzuki Motor Corporation, a shareholder and strong production partner, we announced the start of production at Suzuki Group’s manufacturing plant in March 2024.”