Mercedes' parent company is making a big investment in a flying taxi startup - here's what we know

e-volo

German startup Volocopter recently secured €25 million ($30 million) investment in a funding round led by Daimler, the parent company of Mercedes-Benz.

Volocopter has designed an electric, flying taxi that will start shuttling passengers around Dubai as part of a five-year testing period with Dubai's Road and Transport Authority. The tests will begin by the end of the year.

Here's what you need to know about the Daimler-backed startup: