Hyperloop One raises another $85m funding
Hyperloop One has closed an additional investment round of $85m, bringing the total financing raised since the company's formation in 2014 to $245m.
The latest Series B-1 round featured a variety of new and existing investors, including Caspian VC Partners as part of Summa Group and OurCrowd.com.
Hyperloop One executive chairman and co-founder Shervin Pishevar said: “We are so fortunate that our new and existing investors share our vision of making Hyperloop the world's first new mode of transportation in over a century.
“We initially targeted $50m and ended up raising $85m instead.”
Hyperloop successfully completed the second phase of testing in the Nevada Desert in July.
The test saw the company's first-generation pod Hyperloop One XP-1 travel a distance of 500m.
The pod accelerated for 300m and glided above the track using magnetic levitation for the remainder of the distance before braking.
Hyperloop One plans to focus on the commercialisation and development of potential routes following the funding.
The company has already completed feasibility studies in Dubai, Russia, UK and the US. It is also expected to demonstrate the technology in the Netherlands and Finland in the near future.
Pishevar further added: “We've proven that our technology works and that Hyperloop One is the only company in the world that has built an operational Hyperloop system.
“As we move towards the commercialisation of our technology, we'll continue to work with governments and embrace public-private partnerships to reimagine transportation as we know it.”
The company previously completed Hyperloop One Global Challenge earlier this month, which included the identification of ten potential routes and their associated teams.
Hyperloop will now work with the winners to conduct feasibility tests relating to the proposed routes.