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Investing.com -- Air taxi maker Archer Aviation secured $850 million in funding on Thursday following executive orders signed by U.S. President Donald Trump aimed at boosting the electric air taxi industry.
The new funding comes after Archer already raised $300 million earlier this year in a round led by institutional investors, including accounts managed by BlackRock (NYSE:BLK).
The presidential orders that appear to have helped Archer attract new investment focused not only on electric air taxis but also on strengthening U.S. defenses against hostile drones and supporting the development of supersonic commercial aircraft.
In April, Archer announced plans to create an air taxi network in New York City in partnership with United Airlines.
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