FILE PHOTO: Midnight, an all-electric aircraft from company Archer Aviation, is seen at the Salinas Municipal Airport in Salinas, California, U.S. August 2, 2023. REUTERS/Carlos Barria/File Photo
(Reuters) -Air taxi maker Archer Aviation on Thursday said it raised $850 million in funding following executive orders signed by U.S. President Donald Trump to boost electric air taxis.
Trump's orders also focused on bolstering U.S. defenses against hostile drones, and supporting the development of supersonic commercial aircraft.
Earlier this year, Archer secured $300 million in a funding round led by institutional investors, including accounts managed by BlackRock .
In April, Archer unveiled plans to establish an air taxi network in New York City in partnership with United Airlines.
The company has also been named the official air taxi service for the 2028 Los Angeles Olympics.
(Reporting by Preetika Parashuraman in Bengaluru; Editing by Tasim Zahid)
