Two months later, on December 18, the company secured $50M in funding from Russia’s Caspian Venture Capital and DP World, a large port operator in Dubai. When ready, Russia and the Middle East are two of the leading geographical centers for the first commercial application. This $50M in funding comes on the heels of the company nearly running out of money, according to a CNBC report, and will likely result in some organizational restructuring.
hyperloop-one.com
Virgin Hyperloop One Secures $50M in Funding and a Title Sponsor
Formerly known as Hyperloop One, the DTLA-based rapid transit company bringing Elon Musk’s vision of a tube-based transportation system to life, the company helmed by CEO Rob Lloyd added Virgin to the beginning of their name in October, securing Richard Branson as their chairman.
