Hyperloop One locks down $50M in additional funding
October 14, 2016
Hyperloop One, one of two prominent companies working to develop transportation systems using hyperloop technology, has raised $50 million in new funding. DP World Group of Dubai led the round and, in addition, struck a deal with the company to explore using a hyperloop system to move containers from ships docked at its flagship port in the UAE to a new inland container depot in Dubai. The company also announced that Brent Callinicos, former CFO of Uber, has joined the Hyperloop One executive team as a full-time strategic advisor to the CEO and board of directors.
Founded in 2014, Hyperloop One has now raised more than $150 million in funding, including a $93 million investment earlier this year at a $239 million valuation. Existing investors include 137 Ventures, Cherubic Ventures and NKM Capital. According to TechCrunch, the new funding is a convertible note and part of an ongoing Series C the company hopes to close during 2017.