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Flying taxi developer Archer Aviation raises $850M more in funding
- Archer Aviation Inc. raised $850 million in funding for its flying taxi development.
- The funding was structured as a direct offering, with Archer selling 85 million shares at $10 each.
- This marks Archer's third significant funding round in under a year, totaling approximately $1.58 billion.
- With the latest funding, Archer's total liquidity is around $2 billion.
- Archer is developing a flying taxi named Midnight, designed to carry four passengers on 100-mile trips at a top speed of 150 mph.
- Midnight operates using electric rotors that adjust midflight and are quieter than helicopters, making them suitable for urban areas.
- The successful first piloted test flight of Midnight in May has increased investor confidence.
- Archer plans to use the funds to develop an AI-based aviation software platform and the necessary infrastructure for flying taxi networks.
- The company has secured deals for flying taxi networks in the U.S., United Arab Emirates, India, and South Korea.
- Archer also has a contract for air taxi services during the 2028 Summer Olympics in Los Angeles.
- A partnership with United Airlines includes multiple flying taxi routes, including one from Manhattan to Newark Liberty International Airport.
- United Airlines pre-ordered hundreds of Midnight flying taxis amounting to about $1.5 billion.
- Archer's founder, Adam Goldstein, emphasizes that with this funding, the company has the resources to execute its plans globally.
- The aircraft, Midnight, completed its first successful test flight reaching altitudes of over 1,500 feet.
- The continuous backing from investors reflects confidence in Archer's development roadmap for its flying taxi technology.
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