Volocopter announced on Monday that it is planning to launch its Asian electric helicopter business in Singapore within the next two or three years at the same price limousine ride rates stand.
According Reuters, co-founder Alexander Zosel said three countries have expressed high hopes for Volocopter's air taxis and these are Germany, Dubai, and Singapore. Zosel further revealed that the company is currently working with regulators in the city-state to complete a test flight within the next few months.
As part of the big reveal for the company's planned Singapore launch, Zosel said there are two basic commercial routes Volocopter is looking into for its services, namely business and tourist routes.
For the tourist routes, Zosel said the perfect example is a ride from Marina Bay to resort island Sentosa. As for the business route, customers can opt to fly to and from the airport and to a particular business center.
While the first commercial flights will have human pilots and will only allow for a single passenger, Zosel noted that the company is hoping for autonomous flights to be possible within the next decade or so.
Currently, the air taxi startup is in search of additional financial partners so it can push through with its Singapore launch. The company received its biggest investment yet from Chinese car manufacturer Geely. The amount stood at 50 million euros.
Volocopter has raised a total of 85 million euros to date but it requires more as it looks to close the existing funding round early next year. To attract interested investors, the company completed 1,000 test flights.
Industry experts noted that it is not surprising the German helicopter startup has set its eyes on Singapore. The city-state is considered one of the most advanced in terms of autonomous driving and driverless technology.
Tech Crunch reported earlier this month that while the startup's valuation is being kept under wraps, Chief Financial Officer Rene Griemens revealed that the stake is around below half of 50 million euros.
Industry analysts said that if the valuation were to be measured by Griemens' statements, Geely would have around 10 percent in shares. To date, Zosel and his co-founder, Stephan Wolf, own the majority of the company's shares.
Finally, if the stakes are based on Geely's 10 percent, the estimated valuation of the Volocopter would be between 200 to 250 million euros. The numbers could go up further since Geely isn't the only investor. Daimler is also in, including Team Europe, but Partners, and Intel.
Experts said there could be more interest in Volocopter's air taxis, especially if its Singapore launch pushes through within the estimated timeline.
