The investment will help to commercialize the Lilium Jet, which is a lightweight commuter aircraft that can take off and land vertically. The idea is to eventually use them as air-taxis for inter-city travel, as they can access areas normal planes can't.
Lilium Aviation was founded in 2015 by CEO Daniel Wiegand along with his three co-founders – a group of engineers and former doctoral students from the Technical University of Munich. The company was set-up with the support of the European Space Agency’s Business Incubation Centre in Bavaria.
"A personal vertical take-off and landing aircraft has been the dream of generations. It is the ultimate means of transportation. We want this dream to come true for everybody in the form of the VTOL Lilium Jet," Wiegand said in a statement.
The investment by London-based Atomico follows an initial investment it made in the company in June. Atomico’s founder Niklas Zennström will be joining the company's board.
The funding will allow the company to expand its team of 35 specialists and product engineers based in Munich.
Flight testing of the first full size Lilium Jet prototype is due to begin in early 2017.