December 11, 2020
Joby Aviation, a transportation company developing an all-electric, vertical take-off and landing passenger aircraft, which it intends to operate as early as 2023, has announced that Uber Technologies, Inc (NYSE: UBER) has agreed to invest a further US$75 million in Joby as part of a broader transaction involving the acquisition of Uber Elevate by Joby and an expanded partnership between the two parent companies. This investment comes in addition to a previously undisclosed US$50 million investment made as part of Joby’s Series C financing round in January 2020.
Latham & Watkins LLP represents Joby Aviation in the transaction with a corporate team led by Bay Area partners Jack Sheridan and Benjamin Potter, with Orange County associates Amro Suboh and Brian Umanoff, and Bay Area associates Michael Podolny and Cigi Puthuppally. Advice was also provided on tax matters by Bay Area partner Kirt Switzer, with associate Jessica Chen; on technology transactions matters by Bay Area partner Anthony Klein, with associates Arielle Singh and Adam Kaldor; on benefits and compensation matters by Bay Area partners James Metz and Erin Murphy, with associate Nathaniel Hsieh; on data privacy matters by Washington, D.C. counsel Marissa Boynton; on antitrust matters by Bay Area partner Joshua Holian and Washington, D.C. counsel Patrick English; and on litigation matters by Bay Area partner Melanie Blunschi.
Latham also previously advised Joby Aviation on its Series C financing in January 2020.