Lilium has confirmed that it has raised $90 million in Series B funding for developing an all-electric flying taxi, which will provide much faster travel than cars and with drastically less environmental impact. The Lilium jet is a new sort of all-electric vertical take-off & landing (VTOL) vehicle that is being developed by a Munich, Germany-based startup.

Daniel Wiegand, co-founder and chief executive of Lilium, said that the founding mission of the startup was to enable people to use this sort of transportation system in their day to day lives.

Speaking on the topic, Wiegand added, “We want to be the leading company enabling every person to take a jet instead of using the car and be five times faster to their destination… There’s going to be an app and from day one you’ll be able to book this airplane as a service.”

The most recent round of funding of the little known startup was backed by Tencent, LGT and Atomico, along with some other entities.

Lilium’s Series A funding round had raised $10 million last year.