Ubifly Technologies Private Limited, better known as The ePlane Company (TEC), has raised $1 million as part of its seed funding round.

The funding round was led by Naval Ravikant (Co-founder, Chairman, and former CEO of AngelList) and deep-tech VC firm Speciale Invest. Java Capital, FirstCheque.vc, and IIM Ahmedabad’s CIIE.CO also participated in the funding round.

As per the startup, the funding will enable it to build a world-class engineering team to develop intellectual properties and show early product demonstrations by 2021. TEC is also looking to globally launch its human-rated 200 kg taxi for deployment by 2024.

[Read: How To Write A Business Plan For Your Startup]

Started by Pranjal and Satyanarayanan Chakravarthy in 2016, The ePlane Company ideated out from the National Centre for Combustion Research and Development Lab and is aimed at providing aerial delivery services.

TEC is involved in building electric planes and unmanned aerial vehicles for short-range intracity travel and aims to redefine urban mobility.

Talking about the funding, Pranjal Mehta, Co-founder and CEO of TEC,

“The funds will help us accelerate our product development and will be deployed towards increasing engineering bandwidth, local certification capability, and number of prototypes.”

The startup said it is developing electric vertical take-off and landing (eVTOL) planes.

eVTOL planes can be used for ten times faster door-to-door commute within cities at a similar price to road taxis.

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