5 December 2016. The roughly $10.7 million Series A investment announced at TechCrunch Disrupt London is meant to help Lilium develop into a manufacturer of a commuter alternative to helicopters and traditional planes. VTOL technology has actually been around for decades (and historically has not been the safest), but Munich-based Lilium is touting their tech as being a far safer, cleaner and more societally friendly update. The Lilium Jet is constructed using lightweight composite materials and powered by 36 directable, ducted electric fans, mounted on the wings and front pods to propel the aircraft.

https://techcrunch.com/2016/12/05/atomico-backs-backs-new-vertical-take-off-and-landing-flight-developer-lilium-aviation/