German flying taxi startup Volocopter filed for bankruptcy on Monday, citing its inability to raise new funds to maintain normal operations.

Volocopter said in a statement that its business operations will continue as usual during the interim bankruptcy proceedings.

The company said, "Despite recent intensive fundraising efforts, finding a viable solution to maintain regular operations outside of insolvency proceedings has not been possible."

Volocopter emphasized that its urban electric vertical take-off and landing (eVTOL) aircraft, VoloCity, "is nearing the finish line to obtain aircraft type certification."

The company aims to enter the market next year after VoloCity is certified by the European Union Aviation Safety Agency (EASA).

Founded in 2011, Volocopter's major investors include Geely, Mercedes-Benz, BlackRock, and Honeywell.