CVC-backed mobility, automotive & travel innovation: Case study 1 – JetBlue Technology Ventures
This is an excerpt from ‘Corporate Venturing and the Future of Mobility, Automotive and Travel’, a new report from Global Corporate Venturing and LEIF, which is sponsored by BP Ventures, Denso International America, and JetBlue Technology Ventures.
BP Ventures’ MD, Akira Kirton, and JetBlue Technology Ventures’ president, Bonny Simi, are among the speakers at GCV’s annual symposium in London next month.
Corporate venture capital (CVC) serves its portfolio businesses best when it increases their proximity to customers and thereby accelerates their commercial success. When CVCs from different industries co-invest and collaborate, the positive impact is multiplied proportionately.
The diagram below highlights just two examples from JetBlue Technology Ventures’ portfolio (Joby Aviation and Zunum Aero) of collaboration among CVCs from different industries, which want to positively participate in the disruption of travel to help ensure their future prosperity.
In February 2018, Joby Aviation announced $100 million in venture funding from investors including Intel Capital, JetBlue Technology Ventures and Toyota AI Ventures. Joby is developing an electrically-powered vertical take-off and landing (eVTOL) aircraft intended to form the basis of a five-seater taxi service. Zunum Aero is a developer of commercial hybrid-to-electric aircraft for regional transit. It raised an undisclosed sum from JetBlue Technology Ventures and HorizonX in early 2018.
Bonny Simi, President, JetBlue Technology Ventures:
“We believe that the regional transportation sector (1000 miles or less) is ripe for disruption with everything from electric ‘jets’ to vertical take-off and landing (VTOL) ‘flying cars’.”