Early Tesla, Bitcoin Backer Tim Draper Doubles Down On Startup Making World's 'First Real Flying Car'

Early Tesla Inc TSLA investor and Bitcoin BTC/USD advocate Tim Draper is doubling his investment in a company that says it is developing the world’s “first real flying car.”

What Happened: Draper said he put more money into Alef Aeronautics after he witnessed a prototype of the vehicle. Draper Associates Fund V has backed Alef with $3 million in seed money, reported Reuters.  

“I put more (money in) when I saw that they had created a small drone prototype that did exactly what they told me it would do,” said Draper, as per the report.

“The design is extraordinary. The sides of the car become the wings when the plane goes horizontal.”

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Why It Matters: The Jim Dukhovny-founded and led Alef’s Model A has a body that flips on its side to turn into a wing after lift-off. The flying car can take off and land vertically, noted Reuters.

The Model A is slated to sell for $300,000 with production and deliveries set for 2025, according to a company statement

Its driving range is estimated to be 200 miles (322 km), with a flight range of 100 miles.

A proposed Model Z sedan with a flight range of 200 miles and a driving range of 400 miles and a possible price tag of $35,000 has also been conceived by Dukhovny, according to Reuters.

Venture capitalist Draper is known to bet on upcoming technologies and has put his money into Skype, Hotmail and Tesla at their nascent stages. He also predicted Bitcoin would touch $10,000 in 2013, which it did 3 years later.

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Photo courtesy: Alef Aeronautics