Published: Wed, December 20, 2017
Markets | By Erika Turner

Virgin Hyperloop One raises US$50 million and makes Richard Branson chairman

Virgin Hyperloop One raises US$50 million and makes Richard Branson chairman

In Virgin Hyperloop One's most recent speed test, the company tested out a new airlock, which it says improves the transition between near-vacuum (200,000 feet above sea level) and atmospheric conditions. "The continued support from our existing investors Caspian Venture Capital and DP World highlight their adamant belief in our ability to execute". They settled the suit that November, but BamBrogan launched a competing hyperloop company.

Virgin Hyperloop One and Musk's Boring Company are both developing hyperloop transportation, a supersonic underground technology that was first envisioned by Musk, the CEO of Tesla and SpaceX.

Hyperloop One has said it plans to work towards having three Hyperloop systems in service by 2021.

Earlier this month, Virgin Hyperloop One Executive Chairman Shervin Pishevar took a leave of absence from the company and other boards.

Virgin Hyperloop One, previously known as Hyperloop One until a large investment from Virgin in October, made several announcements this week.

The new $50 million series C investment round came from Caspian Venture Capital and DP World.

The company says the technology will allow train travel between NY and Washington in less than 30 minutes.

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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.

"With a new chairman on-board, new funding and new records that prove that our technology is at a further state of readiness, we are poised for the next phase of evolution - commercialisation", Josh Giegel, co-founder and chief technology officer, said.

Virgin Hyperloop One officially Branson's company as a key partner in mid-October.

"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 Russian Federation as it develops game-changing and innovative passenger and cargo ground transport systems", said Branson. 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 Hyperloop achieved a speed of 240mph in its testing facility in Nevada.

Besides potentially reaching tremendous speeds - early hyperloop talk suggested that pods could eventually hit 700 miles per hour, making the trip from Los Angeles to San Francisco in just 30 minutes - a hyperloop system would eliminate the possibility of fatal derailments, such as the one suffered by a Monday during its inaugural run from Portland to Seattle.

Virgin Hyperloop One confirmed the funding in an emailed statement Monday afternoon.

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