Sir Richard Branson announces Virgin is investing in Hyperloop One

The vacation also marked Obama's return to his love of watersports activities he couldn't participate in while he served as president

The vacation also marked Obama's return to his love of watersports activities he couldn't participate in while he served as president

It's now Virgin Hyperloop One, thanks to the investment of Richard Branson.

Hyperloop One, the Los Angeles-based startup working on an ultrafast tube transportation system, is no more.

Richard Branson's Virgin Group announced Thursday it is investing in Hyperloop One in a strategic partnership aimed at establishing new passenger and cargo transport services for the superfast rail concept.

Hyperloop One is headed by Shervin Pishevar, a Silicon Valley venture capitalist best known as an early investor in Uber.

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The technology for Hyperloop One is now in the early stages of the commercialisation phase after the successful completion of the world's first full scale hyperloop systems test at the DevLoop site outside Las Vegas.

So Hyperloop One may be the furthest along in developing the futuristic transportation network, but it still has a long way to go. Both have abandoned some of Musk's initial concepts, such as the proposed route and cost estimates, but kept the core technological proposal intact.

Last month, Hyperloop One raised $85 million in new funding, bringing the total financing raised to $245 million since it was founded in 2014.

"You may first have heard of the original hyperloop name through Elon Musk", Branson wrote in a blog post announcing the deal.

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Musk's hyperloop involvement is for now limited to potentially building the tunnels with his latest startup - The Boring Company.

Speaking in July, after the completion of one of Hyperloop One's technology tests, Philippa Oldham, head of transport and manufacturing at the Institution of Mechanical Engineers said "As an engineer, there still seems to be some gaps in the information regarding the risks and safety of the system itself".

She added: "As the distance of the trials increase there will be many engineering problems to solve including that of managing track alignment".

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