Lilium, a German start-up with ambitions to develop a 'flying taxi', has raised 90 million U.S. dollars in funding to make its flying car a reality.
The new round of investment makes it one of the best-funded electric aircraft projects to date.
According to Reuters, the firm is developing a five-seat electric powered jet capable of vertical-take off, that could whizz passengers on a 12-mile journey in just five minutes.
Lilium said the new funding, led by Chinese Internet giant Tencent, also includes Liechtenstein-based LGT. The company said it plans to use the new funds to expand hiring and carry it through the next development stages of its five-seater electric jet, buying it time to meet stringent regulatory approvals.
Long the stuff of science fiction and futuristic cartoons such as "The Jetsons", aviation and technology leaders are now racing to develop new types of electric-powered flying vehicles, dubbed "flying cars."
Firms currently working on flying cars include Airbus, Uber and a range of start-ups including one backed by Google co-founder Larry Page, called Kitty Hawk.