Formerly Tesla, Bitcoin Backer Tim Draper Doubles Down on Startup Building World’s “First Real Flying Car” – Bitcoin (BTC/USD), Tesla (NASDAQ:TSLA)

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

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

“I put more (money into it) when I saw that they had developed a small prototype drone that did exactly what they told me to do,” Draper said, according to the report.

“The design is extraordinary. The sides of the car become wings as the plane levels off.”

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Why it matters: That Jim Dukhovnyfounded and ran Alef’s Model A has a body that turns on its side after taking off to transform into a wing. The flying car can take off and land vertically, Reuters noted.

According to a company statement, the Model A will retail for $300,000, with production and delivery slated for 2025

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

A suggestion Model Z A sedan with a 200-mile flight range and a 400-mile range and a possible price tag of $35,000 was also conceived by Dukhovny, according to Reuters.

Venture capitalist Draper is known for investing in emerging technologies and has invested in them Skype, hot mail and Tesla in its infancy. He also predicted that Bitcoin would hit $10,000 in 2013, which it did 3 years later.

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Photo Courtesy: Alef Aeronautics

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