Hyperloop One, a Los Angeles company developing a futuristic transit system, has raised an additional US$50 million ahead of a full-scale test of the technoogy in the first quarter of 2017, Reuters reports.
A hyperloop involves using magnets to levitate pods inside an airless tube, creating conditions in which the floating pods could shuttle people and cargo at speeds of up to 750 mph (1,200 kph).
The concept originated in a paper by Tesla Motors Inc. chief executive Elon Musk in 2013.
Musk envisioned the system whisking passengers from Los Angeles to San Francisco in 30 minutes.
Hyperloop One got its latest round of funding from DP World Group of Dubai. The US$50 million takes its total funding to US$160 million.
DP World Group, whose chief executive is also joining Hyperloop One’s board, signed an agreement with the company in August to explore a Hyperloop system to move containers from ships docked at its flagship Port of Jebel Ali to a new inland container depot in Dubai.
Hyperloop One has previously got funding from the likes of 137 Ventures, Khosla Ventures, the French National Rail Co. and GE Ventures.
Former Uber chief financial officer Brent Callinicos was appointed as a full-time adviser to Hyperloop One chief executive Rob Lloyd and the board.
– Contact us at [email protected]