Virgin Hyperloop One has raised an additional $50m ahead of its Series C round of funding and also completed the third phase of testing at its hyperloop test site.

The funding was raised through investments made by existing investors Caspian Venture Capital and DP World.

The company achieved test speeds of 387km/h during trial exercises at its full-scale hyperloop test site, DevLoop.

“The recent investment by our partners Caspian Venture Capital and DP World sets up the company to pursue opportunities in key markets in the Middle East, Europe and Russia.”

A new airlock to help test pods transition between atmospheric and vacuum conditions more efficiently was also tested during this phase.

The tests were carried out in a tube that was depressurised down to air pressure equivalent to that experienced at 200,000ft above sea level.

All the system’s components, including the airlock, electric motor, advanced controls and power electronics, custom magnetic levitation and guidance, pod suspension and the vacuum were also tested during the trial period.

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By GlobalData

Virgin Hyperloop One chairman Richard Branson said: “The recent investment by our partners Caspian Venture Capital and DP World sets up the company to pursue opportunities in key markets in the Middle East, Europe and Russia as it develops game-changing and innovative passenger and cargo ground transport systems.”

The latest funding brings the total financing raised for the Virgin Hyperloop One project to approximately $295m since its founding in 2014.

Virgin Hyperloop One CEO Rob Lloyd said: “This investment provides Virgin Hyperloop One with a very robust financial platform for 2018 ahead of our Series C round of fundraising.”