A company working in the field of reinventing transportation system, Hyperloop One has announced that it has raised an additional $50 million for its dream project, Hyperloop. It is going to be a futuristic transportation system claims the company.
Hyperloop One is a company with a vision to “eliminate barriers of time and distance by using Hyperloop transport to move cargo and passengers immediately, safely, efficiently, and sustainably.”
Hyperloop uses electric propulsion to accelerate the vehicle through a tube in a low-pressure environment. The system involves magnet to levitate pods inside an airless tube, creating conditions in which the floating pods could shuttle people and cargo at speeds of up to 750 mph (1,200 kph).
The concept took shape in a paper by Elon Musk in 2013, who envisioned it whisking passengers from Los Angeles to San Francisco in 30 minutes. Elon Musk is a Tesla Motors chief executive.
Hyperloop One has received its recent funding from DP World Group of Dubai. The Chief Executive of DB World Group has become a board member of the Hyperloop One. He has signed an agreement with Hyperloop One in August to explore the futuristic transportation system the company is striving to achieve. Mainly because of his interest in the possibility of using Hyperloop to move containers from ships docked at its flagship Port of Jebel Ali to a new inland container depot in Dubai.
Los Angeles-based Hyperloop One has previously received fundings from the likes of 137 Ventures which included Khosla Ventures, the French National Rail Company, and GE Ventures.
The total fundings raised by the company is now at $160 million including the recent fund raising of $5 million.
Brent Callinicos, former Uber Chief Financial Officer was also appointed as a full-time adviser to Hyperloop One Chief Executive Rob Lloyd and the board.
At present, there is no such transportation system available anywhere in the world. Hyperloop is going to be the first ever such transportation if it becomes a success. The skeptics on the other side wonder if the company can ever make the leap from science fiction to reality.
The company is preparing for a full scale test of Hyperloop system in the first quarter of 2017.