Volocopter raises $55M led by Volvo owner Geely, sets 3-year timeline for its flying taxi service

The promise of flying cars has become an idea more synonymous with the tech world's shortcomings than its exciting potential, but today one of the startups that has been focused on actually trying to make small, airborne vehicles a reality is announcing a fundraise and says it's on track for a commercial launch in two to three years. Volocopter, which has been building drone-like autonomous electric flying taxis for its own (as-yet unlaunched) urban commercial passenger transportation service -- the latest model is its two-passenger VoloCity announced earlier this summer -- has closed €50 million ($55 million) in funding led by Zhejiang Geely Holding Group Co., Ltd, the Chinese automotive company that owns Volvo, Lotus and a number of other car brands. In this latest round, a Series C that brings the total raised to €85 million, Geely is investing alongside Daimler -- the German car giant that owns Mercedes and a number of other brands -- and other unnamed new and existing investors in the Bruchsal, Germany-based company.