SandboxAQ Seeks $5 Billion Valuation in New Funding Round
SandboxAQ, a spinout from Alphabet, seeks $5 billion valuation in new funding round, just months after raising $500 million, as investors clamor to back AI startups with big-name leadership.
Taylor Brooks
Hyundai's electric vertical takeoff and landing (eVTOL) startup, Supernal, is making a significant move by shifting its global headquarters from Washington, D.C. to Irvine, California. According to sources, around 35-40 employees, roughly 5% of the company's total workforce, are being asked to relocate to California.
The move comes just over a year after Supernal opened its 28,000-square-foot office in Washington, D.C., which was touted as an "engineering headquarters" with a focus on employee comfort. At the same time, the company also established an "R&D headquarters" in Fremont, California. The decision to relocate the headquarters is aimed at "enhancing collaboration and communication across teams," according to Jaiwon Shin, president of Hyundai Motor Group and CEO of Supernal.
The Washington, D.C. office will not be entirely abandoned, as it will remain a hub for policy and regulatory efforts. This move is not expected to impact Supernal's goal of launching an eVTOL service in 2028. Hyundai has been working on eVTOL technology for years, and in December 2021, it spun out its urban air mobility division into Supernal, which has since grown to around 700 employees.
The eVTOL industry is still in a state of flux, with companies struggling to turn the concept of flying taxis into a viable business. Volocopter has been on the brink of insolvency for months, and Lilium shut down in October. Meanwhile, Toyota recently invested $500 million into Joby Aviation, which is eyeing a 2025 commercial launch. Despite these challenges, Supernal's move to California signals its commitment to advancing eVTOL technology and bringing it to market.
The relocation of Supernal's headquarters to California is likely to have significant implications for the company's operations and the broader eVTOL industry. As the company continues to develop its technology and work towards its 2028 launch goal, it will be interesting to see how this move affects its progress and the competitive landscape of the industry.
In the context of the eVTOL industry's struggles, Supernal's decision to relocate its headquarters may be seen as a strategic move to position itself for success. By consolidating its teams in California, the company may be able to accelerate its development and better navigate the complex regulatory environment surrounding eVTOL technology.
As the eVTOL industry continues to evolve, Supernal's move to California serves as a reminder of the ongoing efforts to turn this innovative technology into a reality. With companies like Toyota and Hyundai investing heavily in eVTOL, it's clear that the industry is poised for significant growth and development in the coming years.
SandboxAQ, a spinout from Alphabet, seeks $5 billion valuation in new funding round, just months after raising $500 million, as investors clamor to back AI startups with big-name leadership.
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