Virgin Hyperloop One raises $50M, names Richard Branson as chairman

Los Angeles-based Virgin Hyperloop One completed the third phase of testing for the world's first working Hyperloop prototype reaching 240 mph the company announced Monday

Virgin Hyperloop One raises $50M, names Richard Branson as chairman

According to the Hyperloop One website, the company has raised $295 million since its founding in 2014.

Hyperloop - the technology that would allow trains to fly down near-vacuum tubes at blistering speeds - has just taken another step towards becoming a reality with the announcement of $50m in new funding.

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In October, we wrote about Sir Richard Branson's Virgin Group has invested an undisclosed amount in Hyperloop One, the frontrunner of a number of companies competing to bring Elon Musk's futuristic vision of a magnetically-propelled high-speed transport system to life.

Virgin Hyperloop One's blue and black pod goes through Phase 3 testing at the company's DevLoop site in Nevada.

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DP Worlds' plans are potentially only the tip of the iceberg-the U.A.E.is also in the running to get the world's first completed hyperloop system. Prior to the agreement with the RTA, the startup was invited to take part in the Dubai Future Foundation. After Virgin Group invested in the company and formed a global strategic partnership, Branson joined the Virgin Hyperloop One board of directors in October 2017. Building a working hyperloop is obviously a cash-intensive process, and one that's still likely at least a few years away from being a revenue-generating operation, so it's natural to expect it to require a steady stream of inbound venture cash to keep things humming away. Hyperloop One's co-founders, executive chairman Shervin Pishevar and president of engineering Josh Giegel, have previously worked at Virgin Galactic, Branson's space company.

Virgin Hyperloop One has named Richard Branson as Chairman (non-executive) whilst raising an additional $50 million ahead of its Series C round of funding with investments from Caspian Venture Capital and DP World. "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".

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The company also said Monday it had reached speeds of 387 km per hour, or roughly 240 miles per hour.

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