Joby Aviation’s $590 Million Series C Financing

Joby Aviation's $590 Million Series C Financing

Latham & Watkins LLP represented Joby Aviation in the transaction and advised the company on the CFIUS clearance process. Debevoise & Plimpton LLP advised Toyota Motor Corporation in its $394 million investment in Joby Aviation. Jones Day advised Global Oryx Company Limited.

Joby Aviation has raised US$590 million in Series C funding led by Toyota Motor Corporation. Prior investors, including SPARX Group, Intel Capital, Capricorn Investment Group, JetBlue Technology Ventures, Toyota AI Ventures, and AME Cloud Ventures, also contributed to the round, and were joined by new investors Baillie Gifford and Global Oryx (ALJ family’s investment arm).

Shigeki Tomoyama, the Executive Vice President of Toyota Motor Corporation, will join Joby Aviation’s board of directors. This new investment brings the Company’s total funding, including previous rounds, to US$720 million.

In addition to investing $394M in Joby, Toyota will share its expertise in manufacturing, quality and cost controls for the development and production of Joby Aviation’s breakthrough eVTOL aircraft. The collaboration reflects Toyota’s recognition of the long-term potential of the urban air mobility market to meet the evolving needs of society, as well as Joby’s position as an industry leader in working to deliver safe and affordable air travel to everyone.

Joby Aviation received clearance from the Committee on Foreign Investment in the United States (CFIUS) on December 20, 2019, in connection with the direct minority investment in Joby Aviation by Toyota Motor Corporation. CFIUS concluded that there were no unresolved national security issues with respect to the transaction.

Founded in 2009, Joby Aviation is a pioneer in the development of an electric air taxi.

Latham & Watkins represented Joby Aviation in the transaction with a Bay Area-based corporate team led by partners Jack Sheridan (Picture) and Ben Potter, with associates Michael Podolny and Madelyn Tarr. Advice was also provided on technology transactions matters by Bay Area partner Tony Klein, with associate Arielle Singh; on antitrust matters by Bay Area partner Joshua Holian, with Washington, D.C. counsels Patrick English and Peter Todaro. The CFIUS team was led by Washington, D.C. partners Steven Croley and Les Carnegie, with associates Julie Choi Shin and Ethan Prall.

The Debevoise team was led by M&A partner Sue Meng and includes partner Michael Gillespie, international counsel Naomi Aoyama and associates John Love and Ethan McMahon, tax partner Gary Friedman and associate Samuel Duncan, benefits partner Lawrence Cagney and associate David Deutsch, intellectual property partner Henry Lebowitz and associate Tigist Kassahun, antitrust partner Ted Hassi and regulatory white collar counsel Erich Grosz.

The Jones Day team was led by Stephen Olson.

Involved fees earner: Naomi Aoyama – Debevoise & Plimpton; Lawrence Cagney – Debevoise & Plimpton; David Deutsch – Debevoise & Plimpton; Samuel Duncan – Debevoise & Plimpton; Gary Friedman – Debevoise & Plimpton; Michael Gillespie – Debevoise & Plimpton; Erich Grosz – Debevoise & Plimpton; Ted Hassi – Debevoise & Plimpton; Tigist Kassahun – Debevoise & Plimpton; Henry Lebowitz – Debevoise & Plimpton; Ethan Lee McMahon – Debevoise & Plimpton; John Love – Debevoise & Plimpton; Sue Meng – Debevoise & Plimpton; Stephen Olson – Jones Day; Les Carnegie – Latham & Watkins; Julie Choi Shin – Latham & Watkins; Steven Croley – Latham & Watkins; Patrick English – Latham & Watkins; Joshua Holian – Latham & Watkins; Anthony Klein – Latham & Watkins; Michael Podolny – Latham & Watkins; Benjamin Potter – Latham & Watkins; Ethan Prall – Latham & Watkins; Jack Sheridan – Latham & Watkins; Arielle Singh – Latham & Watkins; Madelyn Tarr – Latham & Watkins; Peter Todaro – Latham & Watkins;

Law Firms: Debevoise & Plimpton; Jones Day; Latham & Watkins;

Clients: Global Oryx Company Limited; Joby Aviation; Toyota;

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Author: Ambrogio Visconti