Air taxi start-up Volocopter GmbH filed for insolvency proceedings on Monday, citing its inability to raise new funds to maintain regular operations.

Flying taxi start-up Volocopter said on Monday it was filing for insolvency, days after another fellow German company in the field, Lilium, was saved from collapse. “Despite recent intensive fundraising efforts,

German air taxi maker Volocopter has filed for bankruptcy, the company has said. “Despite recent intensive fund-raising efforts, finding a viable solution to maintain regular operations outside of insolvency proceedings has not been possible,