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

Alicia Cross
December 20, 2017

A hyperloop is a sealed tube system created to allow people to travel at speeds of hundreds of miles per hour.

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.

This investment brings the total financing raised by Virgin Hyperloop One, the creator of a full-scale hyperloop system, to $295 mln since its founding in 2014. "This investment provides Virgin Hyperloop One with a very robust financial platform for 2018 ahead of our Series C round of fundraising".

Video released Monday by Virgin Hyperloop One shows the inside of a test tube altered to resemble air conditions at 200,000 feet below sea level, the company said.

The Hyperloop achieved a speed of 240mph in its testing facility in Nevada.

In August, the company claimed that its prototype pod had logged 192mph on the test track. "All components of the system were successfully tested including the airlock, highly efficient electric motor, advanced controls and power electronics, custom magnetic levitation and guidance, pod suspension, and the vacuum".

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Virgin Hyperloop One, a Los Angeles company developing a super-fast transportation system, announced it has raised US$50 million (NZ$72 million) from foreign venture capital investors and made Richard Branson the chairman of its board of directors. Hyperloop One's co-founders, executive chairman Shervin Pishevar and president of engineering Josh Giegel, have previously worked at Virgin Galactic, Branson's space company.

The new round of funding, announced on Monday, came from Dubai's DP World and Russia's Caspian Venture Capital.

If it comes to fruition, Hyperloop has the potential to revolutionize transportation around the world.

Virgin Hyperloop One hit about 240 miles per hour with a travel circuit that magnetically levitates a pod and sends it through a tube, according to a statement Monday.

Richard Branson, who invested in the company earlier this year, was named chairman in the wake of Pishevar's exit.

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.

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