Logistic technology company Hyperloop One, probably the only company in the world that has developed a full-fledged hyperloop system, has announced that they have been successful in raising another round of funding in its Series B1 round. The company raised around $85 million in this round, bringing their total to $245 million since it was founded in the year 2014.
Speaking after the fundraising event, Executive Chairman and co-founder of Hyperloop One Shervin Pishevar said they were pretty lucky to have investors who share their vision about bringing innovation in transportation. He added: “We’ve proven that our technology works and that Hyperloop One is the only company in the world that has built an operational Hyperloop system. As we move towards the commercialization of our technology, we’ll continue to work with governments and embrace public-private partnerships to reimagine transportation as we know it.”
The funding round had participation from investors like Caspian VC Partners, which is a part of Summa Group and OurCrowd.com. After a successful testing of the full-scale Hyperloop system, Hyperloop One will now work to commercialize it and design routes across the world. A feasibility study has already been conducted in projects across Dubai, the United Kingdom, Russia, and the United States.
After the success of its Global Challenge, Hyperloop One will collaborate with Colorado Department of Transportation, with external support from AECOM to initiate a feasibility study in Colorado.
“The success of the Hyperloop One Global Challenge demonstrated that there’s a tremendous amount of interest in bringing Hyperloop to life,” said CEO of Hyperloop One Rob Lloyd. “We’re encouraged by our continued discussions with governments and private partners to explore opportunities for Hyperloop One systems around the world.” He added that the company is really excited about commercializing Hyperloop technology at both the local and federal levels, giving it access to the global market in the years to come.