Joby Aviation is building an electric air taxi that takes off like a helicopter, flies like a plane, and is supposedly going to revolutionize urban transportation by letting you fly from Manhattan to JFK in 7 minutes instead of sitting in traffic for 90. They have raised $2+ billion, gone public, and are closer to FAA certification than anyone else — but the fundamental question remains: will regular people actually get in a flying electric car piloted by battery-powered propellers?
Founded
2009
HQ
Santa Cruz, California
Total Raised
$2 Billion+
Founder
JoeBen Bevirt
Status
Public (NYSE: JOBY)
Website
www.jobyaviation.comTHE ORIGIN STORY
JoeBen Bevirt is a serial inventor and entrepreneur who started thinking about electric flight in 2009 — years before anyone was talking about flying cars seriously. He spent a decade in stealth mode, quietly developing the aircraft and testing prototypes in the mountains near Santa Cruz.
Joby acquired Uber's Elevate flying taxi division in 2020, inheriting the demand-generation and route-planning work Uber had done. The company went public via SPAC in 2021 with Toyota as its anchor partner, bringing $894 million in total investment and manufacturing expertise.
WHAT THEY ACTUALLY DO
Joby is developing an electric vertical takeoff and landing (eVTOL) aircraft designed to carry a pilot and four passengers up to 150 miles at speeds up to 200 mph. The aircraft is all-electric, has six tilting propellers, and is 100x quieter than a helicopter.
Revenue will come from operating an air taxi service in major cities — Joby plans to be both the manufacturer and the operator (like Uber owning the cars). Toyota is a major investor and manufacturing partner.
THE PRODUCTS
Joby S4 (eVTOL aircraft, pilot + 4 passengers), 150-mile range, 200 mph speed, 100x quieter than helicopter, Toyota manufacturing partnership, Uber Elevate route network
HOW THEY GREW
Achieve FAA certification first — being the first certified eVTOL in the US is a winner-take-most advantage. Launch commercial service in initial cities (Los Angeles, New York, Dubai have been mentioned).
Partner with Toyota for mass manufacturing at automotive scale. Expand to more cities globally as the regulatory framework for air taxis develops.
THE HARD PART
FAA certification. Getting a new type of aircraft certified to carry passengers is one of the most complex regulatory processes in the world — it involves hundreds of thousands of pages of documentation and years of testing.
Joby has been working on this since 2018 and expects certification by 2025. Even after certification, building infrastructure (vertiports), proving safety to the public, and making the economics work ($100/ride target) are massive challenges.
MONEY TRAIL
Series B
2018 · Led by
$100M raised
Series C
2020 · Led by
$590M raised
SPAC IPO
2021 · Led by
$1.6B raised
WHO BACKED THEM
Toyota Motor Corporation ($894M invested), Baillie Gifford, BlackRock, Uber (transferred Elevate division), Intel Capital, public market investors
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