Joby Aviation, a pioneer in the development of an electric air taxi, has raised US$590 million in Series C funding led by Toyota Motor Corporation as detailed in the company press release. Prior investors, including SPARX Group, Intel Capital, Capricorn Investment Group, JetBlue Technology Ventures, Toyota AI Ventures, and AME Cloud Ventures, also contributed to the round, and were joined by new investors Baillie Gifford and Global Oryx (ALJ family’s investment arm). Shigeki Tomoyama, the Executive Vice President of Toyota Motor Corporation, will join Joby Aviation’s board of directors. This new investment brings the Company’s total funding, including previous rounds, to US$720 million.
Latham & Watkins represents Joby Aviation in the transaction with a Bay Area-based corporate team led by partners Jack Sheridan and Ben Potter with associates Michael Podolny and Madelyn Tarr. Advice was also provided on technology transactions matters by Bay Area partner Tony Klein with associate Arielle Singh; on antitrust matters by Bay Area partner Joshua Holian with Washington, D.C. counsels Patrick English and Peter Todaro; and on CFIUS matters by Washington, D.C. partners Steven Croley and Les Carnegie with associates Julie Choi Shin and Ethan Prall.