Joby Aviation, Inc.

Air taxis have been promised for years, and Joby Aviation is among the few companies with a real shot at delivering one. The Santa Cruz, California firm, founded in 2009 by JoeBen Bevirt, is developing a piloted electric aircraft that takes off and lands vertically and is designed to carry a handful of passengers quietly over cities. Its plan is not just to sell the aircraft but to operate the air-taxi service itself, and it has drawn heavy investment and a partnership with Toyota to help with manufacturing.

Joby is still pre-revenue on the aircraft, working through the multi-stage certification process with US regulators that stands between it and commercial flights. The company sits on a large cash pile, which it needs, because certifying and scaling a brand-new class of aircraft is slow and expensive, and no rival has proven the market exists yet.

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