Is this the flying taxi of the future? Electric 200mph 16-rotor ‘megadrone’ that can transform into a plane mid-air gets $100 million backing from Toyota and Intel. Secretive start-up Joby Aviation has come a step closer to making its flying taxi a reality. The California-based company, which is building an all-electric flying taxi capable of vertical take-off, has received $100 million (£70 million) in funding from a group of investors led by Toyota and Intel. The money will be used to develop the firm’s ‘megadrone’ which can reach speeds of 200mph (321kph) powered by lithium nickel cobalt manganese oxide batteries. The Joby S2 prototype has 16 electric propellers, 12 of which are designed for vertical take-off and landing (VTOL), which means no runway is needed. The aircraft takes off vertically, like a helicopter, before folding away 12 of its propellers so it can glide like a plane once it is airborne.