Japanese flying car developer receives $14m

Strive, which rebranded from Gree Ventures earlier this year, participated via a recently launched fund targeting JPY15 billion ($140 million). Tatsuo Tsutsumi, a general partner at the firm, will join the SkyDrive board.

Additional contributions came from Z Corporation, an investment arm of Yahoo Japan, and Energy & Environment Investment, a Japanese cleantech specialist raising its fourth fund, as well as Drone Fund, an aerial mobility VC backed by the likes of KDDI and Mitsui Chemicals. It brings SkyDrive’s total funds raised to date to $18.5 million.

SkyDrive was set up last year by members of an aircraft, drones, and automotive engineers collective called Cartivator. It claims to have executed Japan’s first flying car test with an unmanned vehicle. A manned test is planned for later this year and a public demonstration is set for summer 2020, with a view to achieving commercialization in 2023.

This work is expected to leverage significant domestic policy support and infrastructure, including a specialized test field in Tokyo supported by regional governments. SkyDrive says it is in process with the necessary certification and an active player in helping to establish regulations for aerial transport. This includes participation in public-private councils.

“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,” SkyDrive CEO Tomohiro Fukuzawa said in a statement. “Flying cars will be the travel mode of the future, and today we took a giant leap towards making that happen.”

Interest in flying cars has grown in step with advances in vehicle electrification, drone technology, and ride-sharing business models. Global operators in these sectors have begun experimenting with the concept, including Uber, which has launched air taxi programs under the brands Uber Elevate and Uber Air. Notable start-ups include Germany-based Lilium, which has raised about $100 million to date, including a $90 million round led by China’s Tencent Holdings.

Asian activity in this space otherwise includes Singapore’s EDBI joining a group of VCs in a $200 million round for US-based Joby Aviation, which plans to set up a taxi service in the city-state. Joby claims to have flight-tested a full-scale prototype and is said to be ready for production of a commercial version. Last month, Germany-based Volocopter raised a EUR50 million ($55 million) round led by Chinese carmaker Geely with a view to developing an urban air mobility business in China. 

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• North Asia
• Industrials
• Technology
• Cleantech
• Early-stage
• Japan
• ITOCHU Technology Ventures
• Gree Ventures
• automobiles
• Transportation