SkyDrive to take to the skies following $14 million deal

SkyDrive to take to the skies following $14 million deal

Latest funding round will enable company to progress to flying car test flight this year

SkyDrive to take to the skies following $14 million deal

Flying car developer SkyDrive has secured a further $14 million finance deal through third‐party share issuance funding and subsidies

The latest deal brings the total amount of funding raised to a total of $18.5 million and will result in the undertaking of initial manned test flights this year.

The company was established by members of CARTIVATOR, a group of aircraft, drones, and automotive engineers. Contributing venture capital partners of SkyDrive Inc. include Drone Fund, Z Corporation, STRIVE III LLP, ITOCHU Technology Ventures, Inc. and Energy & Environment Investment, Inc.

Investment backing will help technology into the skies

SkyDrive Chief Executive Tomohiro Fukuzawa said: “We are delighted to be able to announce this financing breakthrough, which is testament to our hardworking team and speed of development. Securing the backing of these investors will be instrumental in getting our world‐leading technology off the ground and into the skies.”

“We are clear that our product will improve the lives of consumers right across the world by providing efficiency of movement and creating happiness in flying – be it linking people to jobs, their family or a dream holiday. Flying cars will be the travel mode of the future and today we took a giant leap towards making that happen.”

In additional to focusing on the landmark upcoming manned test flight, the company will be working on product development and certification. The next phase in SkyDrive’s expansion plan is to recruit talented and passionate people to achieve the collective goal of bringing “Flight for All."

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