Archer Aviation has launched its business as an aerospace company building an all-electric vertical takeoff and landing aircraft focused on improving mobility in cities. Marc Lore, the CEO of Walmart eCommerce, is the largest investor in the company.

Based in Palo Alto in California, Archer is dedicated to reshaping urban air mobility, focusing on saving time for users in urban areas. Archer is designing a fully electric aircraft that will take off and land vertically, and can carry four passengers for up to 60 miles at speeds of up to 150mph, all using today's battery technologies. The battery powered aircraft aims to provide a faster, sustainable and affordable urban transportation option. Archer's unique design will also offer passengers increased safety while producing minimal noise compared to helicopters.

The company is led by co-founders Brett Adcock and Adam Goldstein, who recently sold marketplace startup Vettery to The Adecco Group for over $100 million. With Lore's backing, Archer has the capital needed to lead the urban air mobility market, while leveraging Lore's unparalleled entrepreneurial perspective.

Lore has a track record of founding ventures to solve consumer pain points. Most recently, he sold challenger e-commerce brand Jet.com to Walmart for $3.3 billion. Before starting Jet.com, he sold Quidsi to Amazon for $550 million in 2010.

“As we look towards the future of transportation, it's essential to invest in solutions that work to reduce traffic congestion and environmental impact while providing consumers with the swiftest, safest alternatives,” says Lore. “I am a firm believer in Archer and the role it will play in ushering in the next age of urban travel.”

According to Morgan Stanley, the urban air mobility industry is projected to generate $1.5 trillion annually by 2040. Initially, Archer will focus on dense markets with heavy traffic congestion. In the long term, Archer will expand its reach, developing a unique air taxi transportation network.

Archer has attracted top industry talent, with eVTOL visionaries Tom Muniz and Geoff Bower leading engineering. The team consists of over 40 engineers, including talent from competing eVTOL startups Joby, Airbus Vahana and Wisk. Muniz, previously the VP of engineering at Wisk, has been named Archer's VP of engineering, while Bower will serve as chief engineer, a title he held at Airbus Vahana.

"Archer aims to lead the new third dimension of sustainable travel in urban environments," comments Archer co-founder Brett Adcock. "Our sights are set on the sky and to get there, we're focused on hiring the top engineering talent to design, manufacture and operate a fully electric VTOL aircraft to bring in the new age of transportation."

“By combining the brightest minds in eVTOL and a zest for solving the world's biggest problems, Archer is poised to accelerate urban air mobility,” says Archer co-founder Adam Goldstein. “Focused on speed, safety, range and payload, with the ability to be mass manufactured and properly certified, Archer's aircraft will be an industry change marker.”