Virgin Hyperloop One raises $50m, puts Branson in the driver's seat

Virgin Hyperloop One raises $50m, puts Branson in the driver's seat

Virgin Hyperloop One raises $50m, puts Branson in the driver's seat

In October, Virgin Hyperloop One received US$85m from several investors, including Branson's Virgin Group (resulting in the company's name change from Hyperloop One).

The company says the technology will allow train travel between NY and Washington in less than 30 minutes.

The new speed record is still no where near the 700mph system Elon Musk described in the 2013 white paper, but faster than 220mph Musk's own "pod push" achieved over the summer.

Virgin Hyperloop One says that with the new funding and latest test it is ready to move on to commercialization.

DP Worlds' plans are potentially only the tip of the iceberg-the U.A.E.is also in the running to get the world's first completed hyperloop system. Building a working hyperloop is obviously a cash-intensive process, and one that's still likely at least a few years away from being a revenue-generating operation, so it's natural to expect it to require a steady stream of inbound venture cash to keep things humming away.

Earlier this month, Virgin Hyperloop One Executive Chairman Shervin Pishevar took a leave of absence from the company and other boards.

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In August, the company claimed that its prototype pod had logged 192mph on the test track. "The continued support from our existing investors Caspian Venture Capital and DP World highlight their adamant belief in our ability to execute".

In a statement, Virgin Hyperloop One (as it is now called) said that the Series C funding was made by Caspian Venture Capital and DP World and brings its total investment since its founding in 2014 to just under $300m.

"The recent phase three testing continues to prove the incredible persistence and determination of our DevLoop team-the close to 200 engineers, machinists, welders, and fabricators who collaborated to make hyperloop a reality today", Josh Giegel, Virgin Hyperloop One's co-founder and CTO, said in the press release.

Virgin Hyperloop One is one of a handful of firms developing technologies in which passengers and cargo can be loaded into pods that travel at high speeds through low-friction tubes above or below ground.

Although still under development, hyperloop technology is earmarked for extensive use in the U.A.E.

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