Airbus Ventures, the European aerospace giant’s Silicon Valley spin-off, says the first investment from its $150 million venture fund is going to Local Motors, a Phoenix-based company that aims to sell 3D-printed cars based on open-source designs.
“Not since the space race has there been a bigger opportunity for aerospace innovation,” Tim Dombrowski, managing general partner of Airbus Ventures, wrote in Friday’s announcement on Medium’s website.
The $150 million fund, Airbus Group Venture Fund I, will take advantage of opportunities to “accelerate innovation in near ground, air and space flight,” Dombrowski wrote.
He acknowledged that Local Motors “may seem like a surprising investment” for Airbus but argued that the deal was a “perfect fit.”
