The race to enable the next generation of urban transportation, through the Advanced Air Mobility (AAM) initiative, rages on. As both public and private funding increases to various key constituents of this emerging market, several vehicle manufacturers are marching forward with design, construction and certification plans of different vehicle prototypes to serve this exciting new space. In 2020, AAM companies raised $1.3 billion in private investment despite the impact of COVID-19 -- an 80% increase over 2019. In 2021, we expect another significant increase in private and public investments.
For vehicle manufacturers, the pressure is on to be the first, or in the first group of vehicles, to be certified by the FAA or EASA. Some are trying to achieve military certification as early as this year, which will facilitate commercial certification soon after. This milestone is critical as companies prove their credibility in the marketplace and to investors. The challenge that most manufacturers face is how to balance the need to push technology and be financially successful with how to leverage existing certified materials and systems to minimize certification risk.
Advanced composite materials such as those developed by Hexcel have enabled a step-change in aviation operational cost improvements over the past 20 years.