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Source: Twitter

Hyperloop One Receives Boost In Funding For Underground Transport

By Brian Spaen

Excitement for the growing underground transportation industry continues to explode with investors giving an additional $85 million in funding to Hyperloop One. For perspective, the company has now raised $245 million since launching three years ago. They join Elon Musk’s Boring Company in an effort to bring alternative transportation to the world.

Investors for the round of funding that took place in September include DP World, Caspian VC Partners, WTI, and According to Recode, Hyperloop One is now valued at $700 million. Shervin Pishevar, the company’s executive chairman and co-founder, said they were expected to raise $50 million and ended up getting $35 million more.

One of the reasons they received more funding was likely due to recent testing success and the announcement of underground routes around the world. Hyperloop One underwent successful large-scale testing this past summer in a Nevada desert, charting nearly 200 miles per hour. This second phase of testing was considerably more demanding. Luckily, it was also more rewarding as it went nearly five times further and three times faster than the first phase.