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Havish Gupta
Figuring Out • 1d
This Startup is Making Flying Cars a Reality! Meet Joby, an American startup founded on 9/11 (2009) by JoeBen Bevirt. JoeBen had a deep interest in engineering from a young age. In high school, he built the world’s first full-suspension mountain bikes and later he founded Velocity11 which he sold it in 2007 and used the funds to start Joby Aviation. From day one, Joby's goal was cleat! They wanted to build electric aircraft. In the early years, their team was experimenting with different E-Plane components like electric motors, flight software, and batteries. This got them to collaborate with NASA was electric plane projects like X-57 and LEAPTech. After years of R&D, they publicly revealed their VTOL prototype in 2015. Then in 2019 they partnered with Toyota for investment and technical support. Next year Joby partnered with Uber raising $75 million and announcing plans to integrate VTOL taxis into the Uber app (and later teamed up with Delta Airlines too). In 2022, Joby received its Part 135 Air Carrier Certificate, allowing it to legally operate a commercial air taxi service. After this, they started production the same year in California and delivered their first VTOL aircraft to the US Government in 2023 itself. Btw had IPOed way back in 2021 itself, but not through a traditional IPO. It used a SPAC route. A SPAC is like a shortcut to listing where a company basically raises blank cheque from the public and then merges with a private company (in this case, Joby). This method avoids the lengthy paperwork of a regular IPO. WeWork also listed through a SPAC in 2021 after its failed IPO attempt in 2019. Today, Joby is a $15 billion listed company with team of over 1500 engineers trying to make Flying Cars and Flying Taxi a real thing. What do you think?
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