Tuesday, December 8, 2015

Hyperloop Technologies In Deal For Test Site In Las Vegas, Eyes $80M round

Los Angeles-based Hyperloop Technologies, one of the startups looking to bring Elon Musk's grand idea for high speed transportation to life, has inked a deal for a test site in North Las Vegas, as it looks to complete an $80M, Series B funding round. Hyperloop--the one backed by Khosla Ventures, Formation 8, Sherpa Ventures, Caspian Venture Capital, Zhen Capital, David O. Sacks and others--said it has reached a deal to conduct open air testing on a 50 acre site in Las Vegas, and hopes to start conducting testing in early first quarter 2016. The company said the selection of the site comes in conjunction with efforts from the State of Nevada, Governor Sandoval and the Office of Economic Development, and the City of North Las Vegas and Mayor Lee. Hyperloop Technologies says it now employs 72 full time in downtown.