Hyperloop One bags $50m funding with Richard Branson named as chair

Virgin-Hyperloop-One

High-speed transportation project Hyperloop hit a new speed record of 240 miles per hour last week, bringing us closer to a world wherein people can easily travel long distances via pressurized tubes for work or pleasure, the company announced Monday.

Earlier this year, the company announced that it plans to have working hyperloop systems deployed by 2021.

Branson had taken a board seat at the company through this investment. "This investment provides Virgin Hyperloop One with a very robust financial platform for 2018 ahead of our Series C round of fundraising".

Virgin Hyperloop One set a test speed record of almost 240 miles per hour during its third phase of testing at its site in Nevada. They settled the suit that November, but BamBrogan launched a competing hyperloop company.

"The company achieved faster speeds and tested a new airlock which helps transition test pods between atmospheric and vacuum conditions during its last test campaign which was completed on December 15", a company statement said. The new funding comes from existing investors Caspian Venture Capital and DP World. Electricity-powered magnetic levitation lifts the pod above the track, and it can easily glide with little air resistance and using less energy, according to a press release.

The combination of a near-vacuum tube combined with magnetic levitation is created to minimize friction.

The company also announced an additional $50 million from investors Caspian Venture Capital and DP World, bringing total financing to $295 million since Hyperloop One's founding in 2014. Hyperloop trains are expected to be used for cargo transport before moving passengers.

Richard Branson, right, founder of the Virgin Group, will become the Chairman of Virgin Hyperloop One.

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.

Hyperloop - the technology that would allow trains to fly down near-vacuum tubes at blistering speeds - has just taken another step towards becoming a reality with the announcement of $50m in new funding.

Related:

Comments

Latest news

Sen. John McCain Returns Home to Arizona Following Hospitalization
McCain, 81, was admitted to the hospital for what is office called "normal side effects" of his cancer treatment last week. McCain's vote scuttled the seven-year effort by the GOP to dismantle much of President Barack Obama's health care law.

Facebook Announces Initiative to Crack Down on 'Engagement Bait'
Facebook announced the update in a blog post on Monday, where they claimed to have received complaints about "spammy posts". In the past, Facebook has made similar efforts to demote clickbait headlines and links to "low-quality websites".

Ikea Tax Arrangement With Netherlands Investigated
The opening of the in-depth investigation enables the Netherlands and other interested third-parties to submit comments. No illegal aid needed to be recovered from I.I.

Rob Lowe shows his gratitude to Southern California firefighters during wildfires
The progress allowed some evacuation orders to be lifted, although both mandatory and voluntary orders remain in place. Additional evacuations were ordered Friday morning as the fires swept through Ventura and Santa Barbara counties.

Other news