Air-taxi maker Archer Aviation said on Tuesday it has raised $300 million in a funding round that consisted of institutional investors including accounts managed by BlackRock .

Archer Aviation (NYSE: ACHR) stock is seeing big sell-offs in Tuesday's trading. The electric vertical takeoff and landing (eVTOL) aircraft specialist's share price declined 9% in a session that saw the S&P 500 index's level wind up flat and the Nasdaq Composite index fall 0.

Start-up Archer Aviation will now have access to about $1 billion to work on an electric vertical-take-off-and-landing vehicle.

The electric vertical takeoff and landing (eVTOL) aircraft industry is approaching commercialization in late 2025, promising to revolutionize transportation in urban areas and beyond. Morgan Stanley, a top investment bank, estimates the eVTOL market could reach trillions of dollars by mid-century, creating a powerful investment trend.

Electric vertical takeoff and landing aircraft company Archer Aviation Inc. announced today that it has raised $300 million in new funding via an equity capital raise. The $300 million in funding, raised through a securities purchase agreement,