Mercedes-backed Volocopter has filed for bankruptcy

There is Volocopter, a German electric air taxi company filed for bankruptcy protectionthe latest of similar startups to hit financial turbulence. The company plans to continue operating while seeking new investors.

“We are ahead of our industry peers in technological, flight test and certification advancements. This makes us an attractive company to invest in as we organize ourselves through internal restructuring,” said CEO Dirk Hoke.

Volocopter makes its decision after spending months teetering on the edge of collapse. It also comes just a week after German electric vertical takeoff and landing startup Lilium shut down — only apparently rescued by a consortium of investors just one day later. (This contract will close in January.)

Volocopter is one of the better funded electric air taxi startups hundreds of millions of dollars For nearly a decade, with the support of major automakers such as Germany’s Mercedes-Benz and China’s Geely.