Hyperloop One has raised an undisclosed amount from Virgin Group founder Richard Branson post which the company has changed its name to Virgin Hyperloop One.
Richard Branson is also associated with other high-tech future transportation ventures like Virgin Galactic.
Though the name of the company has changed, its objectives are still the same. Its aim is to create a network of high-speed transportation tunnels to join various places across the planet. Also, it will continue its hound for appropriate places and partners to launch its highspeed pods from extreme low-pressure tubes to drastically reduce the travelling time from hours to minutes.
Earlier this year, Branson visited the Hyperloop One DevLoop test track site in Nevada, outside Las Vegas to get a glance at its technology. Recently, the company announced that it had selected a number of finalists for finding potential routes. It also announced a few public-private partnerships for undertaking feasibility studies.
Last month, Hyperloop One raised $85 million bringing its total amount raised to a whopping $245 million and a valuation of $700 million. For a startup with no commercial product, no means of revenue, no government approval and no proof that its transportation scheme is actually safe for its passengers that is indeed a lot of money.
The concept of hyperloop became popular when Elon Musk introduced the concept as an open-source idea to the world. A lot of observers hoped that Musk would eventually invest in the company that came the farthest among the rest. However, in August Elon Musk surprised everyone by announcing that he will build his own hyperloop from New York to Washington DC as a venture of his The Boring Company.