TU Munich's air taxi developer has added $35m from Bailie Gifford to a $240m first tranche led by Tencent in March, and is now valued above $1bn.
Investment manager Bailie Gifford added $35m to a funding round for Lilium, a Germany-based electric aerial vehicle developer spun out of Technical University of Munich, lifting it to more than $275m.
Internet group Tencent led the round’s $240m first close in March this year, participating alongside investment firm Freigeist Capital, venture capital firm Atomico and asset management group LGT.
The round values Lilium at more than $1bn, sources close to the company told TechCrunch. Chief commercial officer Remo Gerber confirmed that the round, which earlier reports suggested could reach $400m, is yet to close.
Founded in 2015, Lilium is working on a vertical take-off and landing aircraft designed for use as an airborne taxi service. It will not give off carbon emissions and is intended to be used for regional journeys as an alternative to car or train journeys.
The company piloted a version of…
