Advanced air mobility (AAM) company Wisk, announced that it has raised $450 million in funding from aerospace giant Boeing, aimed at advancing the development of the latest generation of Wisk’s electric vertical take-off and landing (eVTOL) aircraft. The new investment establishes Wisk as one of the world’s most well-funded AAM companies in the rapidly emerging sector.

Wisk has achieved a number of aviation and industry firsts, including the first flight of an all-electric, autonomous, eVTOL aircraft designed for passenger use, in the U.S., and the company aims to ultimately operate one of the industry’s largest fleets of AAM eVTOL aircraft. The company’s 6th generation eVTOL aircraft is a first-ever candidate for certification of an autonomous, all-electric, passenger-carrying aircraft in the U.S.

In addition to funding the eVTOL development, the funding will also advance the company’s go-to-market and near-term expansion plans, including the launch of scale manufacturing.

The transaction marks the latest step in the emerging race to provide advanced aviation and low carbon aviation solutions. Last year, eVTOL startup BETA Technologies announced that it had raised $368 million in a private funding round led by Fidelity and joined by Amazon’s Climate Pledge Fund, and United Airlines announced an agreement with eVTOL developer Archer to assist in the development of the battery-powered, short-haul aircraft. Honeywell and mobility supplier DENSO announced the establishment of an alliance aiming to develop and manufacture electric propulsion systems for aircraft. Earlier this year, Embraer company Eve launched a partnership with commercial regional aircraft leasing company Falko to develop a global network of eVTOL operators in support of Urban Air Mobility missions.

Marc Allen, Chief Strategy Officer of Boeing said:

“With this investment, we are reconfirming our belief in Wisk’s business and the importance of their work in pioneering all-electric, AI-driven, autonomous capability for the aerospace industry. Autonomy is the key to unlocking scale across all AAM applications, from passenger to cargo and beyond. That’s why straight-to-autonomy is a core first principle. Boeing and Wisk have been at the forefront of AAM innovation for more than a decade, and will continue to lead in the years ahead.”

Gary Gysin, CEO of Wisk added:

“Wisk is extremely well-positioned to deliver on our long-term strategy and commitment to safe, everyday flight for everyone. We are incredibly fortunate to have Boeing as not only an investor but a strategic partner, which provides us with access to a breadth of resources, industry-leading expertise, a global reach, extensive certification experience, and more. As we enter this next stage of our growth, this additional funding provides us with capital while allowing us to remain focused on our core business and our number one priority, safety.”

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