UrbanAeronautics hasn't even finished its first financing round but it's preparing for the second one, in which it hopes to raise $5 million. Truth be told, the first one took years, but the startup raised a cool $10 million, which may attest to the hopes people have for its invention: a miniature city helicopter to rescue the injured and spy on friends and unloved ones, that sort of thing. One party that evidently has high hopes is the gigantic Indian conglomerate Tata, which invested a bit of money in exchange for a small stake in UA.
Its product - is it a helicar? A flying car? - is still in initial stages of development. It looks like a car and occupies roughly the same parking space, and can land in narrow spots.
Founded in 2000 by Rafi Yoeli, the company has several global patents, he says. The machine may look innovative but it's based on proven technologies, the company points out. It has a vane system that enables it to maneuver laterally without rolling, so it can hang out by a building in the crowded urban environment without causing horrible things to happen.
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