Monday, December 18, 2017

Report: Virgin Hyperloop One Raises $50M, To Set Richard Branson As Chair

A report this morning says that Los Angeles-based Virgin Hyperloop One is getting set to announced a new, $50M investment, and will be installing Sir Richard Branson as its new chairman. According to Axios, the funding comes as Virgin Hyperloop One was "running very low on cash". The report also says that Branson will replace Shervin Pishevar, who is in the midst of dealing with claims of sexual misconduct, which he alleges is a "smear campaign" against him--but have resulted in his departure from Sherpa Capital. The funding reportedly came from Caspian Venture Capital and DP World; the company had not yet formally announced the funding. Virgin Hyperloop One is working on developing a futuristic, high speed transportation system based on a giant, pneumatic-like tubes, for rapid transportation between cities. The company's technology is based on an idea originally championed by Elon Musk.