Mercedes' parent company is making a big investment in a flying taxi startup — here's what we know

German startup Volocopter recently secured €25 million ($30 million) investment in a funding round led by Daimler, the parent company of Mercedes-Benz.

Volocopter has designed an electric, flying taxi that will start shuttling passengers around Dubai as part of a five-year testing period with Dubai's Road and Transport Authority. The tests will begin by the end of the year.

Here's what you need to know about the Daimler-backed startup:

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Volocopter, formerly eVolo, has been working on its Vertical Take-Off and Landing (VTOL) aircraft since 2011. Like the name suggests, the flying taxi can take-off vertically without needing a runway.

The aircraft, dubbed the Volocopter 2X, is the startup's second-generation vehicle. It has been approved as an ultralight vehicle in Germany and can recharge in just 40 minutes using a DC fast charger.

The electric aircraft is designed to fit two and comes with 18 rotors, allowing it to fly through the air extremely quietly. It can reach a top speed of 62 mph for a limited amount of time.

See the rest of the story at Business Insider

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