Joby Aviation Founders on Startups, Future of Flight & SPACs
Joby Aviation's Journey to Public Markets
JoeBen Bevirt, the founder of Joby Aviation, has dedicated over ten years to the development of a fully electric, vertical take-off and landing (eVTOL) passenger aircraft. This ambitious project was largely conducted in private until January 2020.
At that time, the company revealed a $590 million Series C funding round, spearheaded by Toyota Motor Corporation. This investment was subsequently increased to $620 million.
Key Milestones for Joby
Following the funding announcement, Joby continued to generate significant attention through the acquisition of Uber Elevate. These developments culminated in a February announcement regarding the company’s intention to become publicly listed.
This transition will be facilitated by a merger with Reinvent Technology Partners, a special purpose acquisition company (SPAC).
Reinvent Technology Partners was founded by prominent investors Reid Hoffman, co-founder of LinkedIn, and Mark Pincus, founder of Zynga.
Future Plans and Manufacturing
Joby’s ambitions don’t stop with going public. The company intends to utilize the capital raised through its listing to initiate passenger service, currently projected to commence in 2024.
Crucially, Joby must also secure aircraft certification and establish manufacturing capabilities, both of which are already underway.
Plans are in place to begin construction on a 450,000-square-foot manufacturing facility later this year, a project developed in collaboration with Toyota.
TC Sessions: Mobility 2021
Bevirt possesses valuable insights to share regarding his company’s progress. Therefore, we are pleased to announce that both Bevirt and Hoffman will participate in our virtual event, TC Sessions: Mobility 2021.
This event, showcasing leading innovators in the mobility sector, will take place on June 9th.
During the session, Bevirt and Hoffman will discuss the challenges of building a startup, maintaining secrecy during fundraising, the evolving landscape of flight, and the role of SPACs.
Featured Speakers
They will be joining a distinguished lineup of speakers already confirmed for the event.
- Clara Brenner of Urban Innovation Fund
- Quin Garcia of Autotech Ventures
- Rachel Holt of Construct Capital
- Ahti Heinla, co-founder and CEO/CTO of Starship Technologies
Further speaker announcements will be made in the weeks leading up to the event.
The Perspective on SPACs
Hoffman articulated his view on SPACs in a February interview with TechCrunch, stating, “We approach it (SPACs) as venture capital at scale.”
He emphasized that this isn’t a short-term trend, but rather a long-term shift, anticipating its relevance for the next three, five, and even ten years.
Hoffman firmly believes in the enduring value of SPACs, asserting that they provide valuable alternative pathways for companies to become publicly traded.
We intend to revisit his perspective on this topic during the June event.
Early Bird tickets for the event are currently available – secure your spot today and save $100 before the price increases.
Joby's Increased Transparency
For Bevirt, the decision to go public signifies Joby’s readiness to engage more openly with the wider world.
“We think that this is a really exciting moment, where we stand on the threshold of really redefining mobility,” Bevirt explained in a prior discussion.
“And we really want to bring the world along on our exciting journey. Previously, access to our journey was limited to a select group of investors, and we are thrilled to broaden that participation.”
We eagerly anticipate hearing from Bevirt and Hoffman at TC Sessions: Mobility on June 9th. Don't miss out – purchase your Early Bird pass before May 6th to save $100 and be part of this exciting event!