South Korea's Plana lands funding for electric air taxis

South Korea-based Plana has raised $8.3 million to develop its hybrid-electric vertical takeoff and landing (eVTOL) aircraft.

The pre-Series A funding came from Schmidt, DSC Investment, Shinhan Asset Management, FuturePlay, Dt&Investment, Industrial Bank of Korea, Kibo Technology Fund and Xenoholdings Asia, according to Jinmo Lee, chief product officer at Plana.

Founded in 2021, the startup will use the funds to “develop a half-scale technology demonstrator by 2023” and launch its first flight at the beginning of 2024, Lee says.

“This half-scale model also will be deployed for the Korean Grand Challenge Demonstration Project in 2023, hosted by Korea’s Ministry of Land, Infrastructure and Transport,” Lee adds.

The company says its goal is to create an autonomous aircraft that can make safe, affordable trips of up to 350 miles. Plana also plans to open an office in the United States.

Building an autonomous air taxi takes “courage to overcome numerous trials and errors as well as a willingness to endure fierce internal and external competition,” Plana says.

Electric aircraft manufacturer Joby Aviation and Skyports Infrastructure are developing a moveable passenger terminal, called a “Living Lab,” where they will test technologies and procedures to shape how customers experience vertical flight.

United Airlines is investing $15 million in Eve Air Mobility with an agreement to purchase up to 400 of its eVTOL aircraft.