Investors deployed an estimated $7 billion of capital into the advanced aerial mobility (AAM) sector last year, riding a wave of excitement about small battery-electric aircraft, including electric flying cars, and urban air taxi services. EVTOL start-ups Lilium, Joby, and Archer went public via SPAC, while Beta and Volcopter raised large amounts of money in private markets at billion-dollar plus valuations. Boeing sank $450MM into Wisk, the eVTOL company started by Larry Page and Sebastian Thrun, which it had struck a joint-venture with in 2019. On the fixed wing side, EQT, the Scandinavian private-equity fund, bet on long-term battery density improvement by investing in Heart Aerospace’s 19-seat all-electric aircraft design.

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