Hyperloop One just received an additional $85 million from investors as part of a new round of funding. This brings the total raised to an impressive $245 million and means the company is now worth more than $700 million.
The company announced it had finalized a new round of funding on September 21st – adding a total of $85 million to its existing pool for a grand total of $245 million.
This round of funding saw investments from DP World, Caspian VC Partners, WTI, and OurCrowd.com.
We initially targeted $50 million and ended up raising $85 million instead… We’ve proven that our technology works and that Hyperloop One is the only company in the world that has built an operational Hyperloop system. As we move towards the commercialization of our technology, we’ll continue to work with governments and embrace public-private partnerships to re-imagine transportation as we know it.Hyperloop One co-founder Shervin Pishevar
Hyperloop One now faces competition from others entering the market. This includes Tesla CEO Elon Musk, who initially championed the Hyperloop concept. Musk’s Boring Company received permission to extend its test tunnel this August and wants to build a tunnel from New York to Washington D.C.