Joby Aviation
| File:Joby Aviation Logo.svg | |
| Formerly | Joby Aero (2009–2021) |
|---|---|
| Company type | Public |
| NYSE: JOBY | |
| Industry | Aerospace, Advanced Air Mobility |
| Founded | September 11, 2009 |
| Founder | JoeBen Bevirt |
| Headquarters | , U.S. |
Key people |
|
| Products | Electric aircraft |
| Decrease Template:US$ (2022) | |
| Decrease Template:US$ (2022) | |
| Total assets | Decrease Template:US$ (2022) |
| Total equity | Decrease Template:US$ (2022) |
Number of employees | 1,422 (2023) |
| Website | jobyaviation.com |
Joby Aviation is an American aviation firm backed by venture capital, specializing in the development of an eVTOL (electric vertical takeoff and landing) aircraft designed for urban air taxi operations. Its main headquarters are located in Santa Cruz, California, with additional offices situated in San Carlos, California, Marina, California, and Munich.[1]
Origins
Established on September 11, 2009, as Joby Aero by entrepreneur JoeBen Bevirt, the company originated on Bevirt’s ranch in Santa Cruz, funded through earnings from his earlier enterprises.[1] Initial work concentrated on components for electric aviation such as motors, flight control software, and lithium-ion battery technology. Joby contributed to NASA’s X-57 Maxwell and LEAPTech initiatives before advancing its proprietary air taxi concept.[2]
Early designs incorporated multiple tilting propellers; these were later refined into a configuration featuring six rotating propellers. By 2015, Joby was testing subscale prototypes and progressed to full-scale unmanned vehicles by 2017, culminating in a production prototype in 2019. A $100 million Series B funding round led by Toyota AI Ventures occurred in 2018. By 2019, the company initiated FAA certification discussions and formed a partnership with Uber Elevate.[1]
For nearly ten years, Joby operated under relative secrecy, which led to skepticism regarding its progress. Public disclosures began in 2020 alongside a $590 million financing round spearheaded by Toyota Motor Corporation, coinciding with the reveal of its production model. CEO JoeBen Bevirt has gained recognition as a prominent figure in advanced air mobility and has spoken at forums including the Vertical Flight Society.[2]
Progress and Expansion
In January 2020, Joby revealed intentions to establish manufacturing operations at Marina Municipal Airport in Marina, California, initially occupying a 55,000-square-foot facility with plans to expand to 500,000 square feet. Later that year, the company acquired Uber Elevate and obtained its first eVTOL airworthiness certification from the U.S. Air Force under the Agility Prime initiative.
By February 2021, Joby had partnered with Garmin to supply flight deck avionics and secured a 'G-1' certification basis from the FAA. The firm was featured on a NOVA television episode in May 2021. That June, both the City of Marina and FAA approved the manufacturing facility development.
In August 2021, Joby demonstrated a flight covering 155 miles on a single battery charge lasting 77 minutes and submitted applications for FAA Part 135 and Part 23 carrier certifications. Its battery utilized an 811 NMC cathode paired with a graphite anode. On August 11 of that year, Joby became publicly traded through a special-purpose acquisition company (SPAC) merger.
In January 2022, Joby set an eVTOL speed record reaching 205 mph. The following month, one of its remotely piloted prototypes crashed during testing due to an in-flight component malfunction as investigated by the National Transportation Safety Board.
April 2022 marked Joby's acquisition of hydrogen aviation specialist H2Fly, broadening its propulsion technology capabilities. In May, the company earned FAA Part 135 certification for air service operations and began flying Cirrus SR22 aircraft while pursuing eVTOL certification.
On June 28, 2023, Joby unveiled its inaugural production aircraft model and received FAA clearance for flight testing. This announcement caused its stock price to surge by up to 42%. Under a $131 million contract with the U.S. Air Force, early production units are scheduled for delivery in 2024—representing the first paid customer delivery of an eVTOL—with full certification and commercial service planned for 2025.
Joby completed the first eVTOL flight within New York City on November 12, 2023, showcasing urban operational capability at the Downtown Manhattan Heliport amid ongoing city electrification initiatives. In September of that year, it delivered its initial eVTOL air taxi to Edwards Air Force Base.
In June 2024, Joby expanded its autonomous flight technology by acquiring Xwing's autonomy division. Later that month, its S4 eVTOL demonstrator was converted to hydrogen-electric propulsion using H2Fly’s ‘H2F-175’ fuel cell system and completed a record-breaking non-stop flight of 523 miles—tripling the range achievable on battery power alone—with emissions limited to water vapor. The same aircraft subsequently achieved a non-stop journey of 561 miles including vertical takeoff and landing operations.
Financing
Joby Aviation’s initial capital originated from founder JoeBen Bevirt, who utilized funds generated from the sale of his earlier enterprises, Velocity11 and GorillaPod. On February 1, 2018, the company completed a Series B financing round, raising $100 million with contributions from investors such as Intel Capital, Toyota AI Ventures, JetBlue Technology Ventures, Capricorn Investment Group, AME Cloud Ventures, Ron Conway, 8VC, Sky Dayton, and Paul Sciarra.
In January 2020, Joby successfully obtained $590 million through a Series C funding round led by Toyota Motor Corporation, establishing a strategic manufacturing collaboration. Subsequently that year, Joby acquired Uber’s air taxi division known as Elevate. This acquisition was accompanied by a $75 million investment from Uber itself, bringing the cumulative funding to $820 million.
By early 2021, Joby was pursuing a public listing via a special-purpose acquisition company (SPAC). In February 2021, it entered into a business combination agreement with Reinvent Technology Partners (NYSE: RTP), a SPAC sponsored by LinkedIn co-founder Reid Hoffman and Zynga founder Mark Pincus. This merger facilitated Joby Aviation’s public debut on the New York Stock Exchange under the ticker symbol JOBY.
In October 2022, Delta Air Lines committed $60 million in investment toward Joby to support the development of “home-to-airport” eVTOL routes in prominent metropolitan areas including New York City and Los Angeles. This partnership expanded Joby’s market presence and strengthened its strategic alliances.
Air taxi service
The Joby air taxi is an electric vertical takeoff and landing (eVTOL) aircraft designed for commercial use with seating for four passengers plus a pilot. It can travel up to 150 miles on a single battery charge at speeds reaching 200 miles per hour while carrying a payload capacity of up to 1,000 pounds. The aircraft combines helicopter-like vertical takeoff and landing capabilities with airplane-style horizontal cruising. It operates nearly silently and produces zero emissions, generating noise levels approximately 100 times lower than helicopters during takeoff and landing phases. Joby intends to mass-produce this aircraft and offer it as an on-demand piloted air taxi service priced per trip.
The acquisition of Uber Elevate is intended to expedite Joby’s commercial rollout by incorporating Elevate’s software platforms and experienced staff. Previously, Elevate managed Uber Copter—a helicopter shuttle service in New York connecting passengers to JFK Airport utilizing Bell 430 helicopters operated by Heliflite. Joby values Elevate’s expertise in selecting markets, simulating demand, and managing multi-modal transportation operations as integral components of its business model. However, the company has not revealed specific plans concerning Elevate’s former target cities such as Los Angeles, Dallas, or Melbourne.
In December 2024, Joby achieved a significant milestone by becoming the first company to conduct a flight in South Korea’s K-UAM Grand Challenge, advancing its international operational footprint.
See also
- Archer Aviation
- EHang
- Lilium
- Vertical Aerospace
- Volocopter (supported by Intel)
- Zunum Aero (supported by JetBlue)