Hyperloop One Elevates $80 Million to Upgrade Its Propulsion technology
Date: Friday , June 03, 2016
Hyperloop One, formerly known as Hyperloop Technologies, announces the closure of series B round with $80 million. 137 Ventures, Khosla Ventures, Fast Digital, Western Technology Investment, SNCF and GE Ventures lead this round with the participation from previous investors - Sherpa Ventures, EightVC, ZhenFund and Caspian Venture Partners, who had invested $11.1 million in series A in Hyperloop in February, 2015.
Leveraging this fresh capital, Hyperloop will examine the economic and social benefits of its routes in Finland and Sweden. Furthermore, this cash will also help the company to scale up its product innovation. The company also hopes to start moving cargo by 2019 and people by 2021.
Commenting on this occasion, Rob Lloyd, CEO, Hyperloop One, states, \"Hyperloop One has built a powerful global ecosystem of companies that are definitive experts in their fields and now come together to unlock the true impact of Hyperloop. Along with our partners, we will create new projects and opportunities to solve transportation challenges around the world through the technology, services and expertise we jointly represent\".
Headquartered in Los Angeles, Hyperloop was incepted in 2014 by Brogan BamBrogan and Shervin Pishevar. It is reinventing transportation by developing the world\'s first Hyperloop, an elegant, integrated structure to move passengers and cargo between two points immediately, safely, efficiently, and sustainably. Post the latest funding, Hyperloop will demo its propulsion technology on its first-ever test track in North Las Vegas. Besides, Hyperloop One is partnering with FS Links Ab to develop the technical, commercial and policy case for a strategic link between Stockholm and Helsinki.