Joby Aviation, a Santa Cruz, Calif.-based developer of electric air taxis, raised $590 million in Series C funding led by existing backer Toyota.
Why it matters: It's by far the largest-ever investment for an air taxi company, and already makes 2020 the record year for such deals.
- Other investors include Baillie Gifford, Global Oryx, SPARX Group, Intel Capital, Capricorn Investment Group, JetBlue Technology Ventures, and AME Cloud Ventures.
The bottom line, via Axios' Joann Muller: "Automakers are confronting serious challenges to their core business — congestion and climate change mean there’s a limit to how many cars and trucks they can sell. As they experiment with new forms of future mobility, they might as well look to the skies."
Go deeper: Hyundai unveils flying taxi for Uber
