Tuesday, December 19, 2017

Virgin Hyperloop One Confirms $50M Funding, Branson As Chairman

Los Angeles-based Virgin Hyperloop One confirmed on Monday afternoon that it has raised $50M in new funding, and namd Sir Richard Branson as Chairman of the company. The new funding, a Series C round, came from Caspian Venture Capital and DP World. Virgin Hyperloop One says it has now raised a total of $295M since it was founded in 2014. According to Branson, the new investment by Caspian and DP World will help it pursue opportunities in key markets in the Middle East, Europe, and Russia. In addition to the new funding, Virgin Hyperloop One also claimed it had reached a new speed record with its technology, with test speeds of 387 kilometers per hour. Virgin HyperloopOne is led by CEO Rob Lloyd. Branson replaces Shervin Pishevar in the Chairman role at Virgin Hyperloop One. More information »