mtpix, erep, aer, aero, airl, airp, airs08, anlins, bact, bisv, bisv08, cdm, corpd, dbt, fin, fins, fins08, fund, indg, indg08, inds, inds08, invbis, invm, invs08, news1, pssngr, pve, pve08, pxp, recap1, spcair, tpt, tran
mtpix, erep, aer, aero, airl, airp, airs08, anlins, bact, bisv, bisv08, cdm, corpd, dbt, fin, fins, fins08, fund, indg, indg08, inds, inds08, invbis, invm, invs08, news1, pssngr, pve, pve08, pxp, recap1, spcair, tpt, tran
mtpix, erep, aer, aero, airl, airp, airs08, anlins, bact, bisv, bisv08, cdm, corpd, dbt, fin, fins, fins08, fund, indg, indg08, inds, inds08, invbis, invm, invs08, news1, pssngr, pve, pve08, pxp, recap1, spcair, tpt, tran

1/2

The Reliable Robotics Autolanding gear is visible as a Cessna 208 Cargomaster flies in this undated handout over California, U.S. Reliable Robotics/Handout via REUTERS

Oct 14 (Reuters) - Reliable Robotics, a Silicon Valley startup aiming to automate conventional fixed-wing planes to ferry cargo and eventually passengers, has raised $100 million from investors, the company said on Thursday.

The Series C round was led by New York-based Coatue Management, whose investment portfolio includes Rivian and Lime.

Reliable co-founder and CEO Robert Rose said the funds will enable the four-year-old company to continue developing a system designed to deliver cargo across a network of smaller regional airports in automated planes remotely controlled by human pilots.

“We’re looking to build a cargo carrier that can operate at a large scale,” Rose said, beginning with fixed-wing aircraft such as the Cessna Citation.

Ultimately, Reliable plans to build out the automated aerial cargo delivery business, and then expand operations to include passengers, most likely in the latter half of the decade, Rose said in an interview.

Reliable will use some of the money to pursue related businesses, he said, including evaluating “a number of new aircraft designs as our next step for automation.” Those include electric vertical takeoff and landing (eVTOL) aircraft being developed by other startups and established aviation companies, as well as potential defense applications.

“We intend to begin operations early next year and then roll in the automation as it becomes certified” by FAA, said Rose, who is a licensed pilot and a former official at Tesla (TSLA.O) and Space-X.

He said the still-nascent business of automating smaller aircraft presents an opportunity to automobile manufacturers, such as Japan’s Toyota Motor Corp (7203.T), which is the manufacturing partner of eVTOL maker Joby Aviation (JOBY.N).

“If I were an automaker, I’d be looking at this space” where one of the biggest challenges will be “to manufacture these things at scale and appropriate levels of reliability,” Rose said.

The Series C round was joined by existing investors Lighspeed, Eclipse, Pathbreaker and Teamworthy.

Reporting by Paul Lienert in Detroit Editing by Nick Zieminski

Internet Explorer Channel Network


LATEST NEWS

NEWS RELATED

Facebook will invest $150 million in VR learning experiences

Virtual reality can be a powerful teaching tool, but it's only as good as the content available for the medium. Facebook is looking to grow the availability of content for VR learning as part of its efforts to shift its focus on the metaverse, and it has created a US$150…

Read more: Facebook will invest $150 million in VR learning experiences

Oculus' Active Pack makes your Quest 2 headset more fitness-friendly

You can soon use an Oculus Quest 2 headset for VR workouts without it being quite so… grimy. Oculus has previewed an Active Pack for the Quest 2 that will make it easier to use the headset as part of your fitness routine. New grips for the Touch controller should…

Read more: Oculus' Active Pack makes your Quest 2 headset more fitness-friendly

Forging a vaccine card can get you fired-here's how

Polsinelli Principal Lindsay Ryan joins Yahoo Finance to discuss vaccine mandates and, often illegal, ways workers are trying to get around them.

Read more: Forging a vaccine card can get you fired-here's how

Volt Crypto Industry Revolution and Tech ETF pops in debut

Tad Park, Volt Equity CEO joins the Yahoo Finance Live panel to discuss their launch on the NYSE today under ticker “BTCR”.

Read more: Volt Crypto Industry Revolution and Tech ETF pops in debut

What type of electric car is right for me?

© Vauxhall The Mokka name might be familiar, but this new version represents a radical departure from the lacklustre model of old. It’s more stylish, inside and out, while the electric version gets a 50kWh battery to provide up to 201 miles of range. Prices start from around £30,000, with…

Read more: What type of electric car is right for me?

Google Fi will soon offer end-to-end encrypted calls

If you’re a Google Fi subscriber, the next time you phone someone your call may be protected by end-to-end encryption. The MVNO will start rolling out support for the privacy-minded feature to Android phones in the coming weeks. Once it’s available on your device, it will kick in automatically anytime…

Read more: Google Fi will soon offer end-to-end encrypted calls

Recent Facebook Outage Baffles Many Users, DownDetector Reports

Facebook has undergone another round of outages just a few weeks after major social media apps experienced a brief downtime. According to DownDetector, many users raised their concerns about accessing the application’s news feed. Facebook Hit By Another Outage This Week (Photo : Joshua Hoehne from Unsplash)Facebook has experienced another…

Read more: Recent Facebook Outage Baffles Many Users, DownDetector Reports

Best cameras for photos and videos

© Provided by Space Best cameras: Image shows photographer stood on a mirrored lake pointing camera at mountains With so many different types of photographers out there, it’s hard for camera manufacturers to fit everything into one device. In fact, by doing so you rule out a vast majority of…

Read more: Best cameras for photos and videos

Didi expands, inDriver monetizes to rival Uber, Bolt in Africa

Anomalo launches with $33M Series A to automatically find issues in data sets

Solo Brands CEO on IPO: Pandemic created a 'step up' for e-commerce success

U.S. troops in Taiwan, France seizes UK fishing boat, U.S. gender neutral passport

iPhone SE 3: All the upgrades we want to see in Apple's next affordable iPhone

Google Pixel 6 Pro review: Finally, a proper iPhone rival

GlobalFoundries shares open flat on Nasdaq debut, valuing chipmaker at $26 bln

Game delays force French game maker Ubisoft to cut annual guidance

OTHER NEWS