Hyperloop raises $80m in fresh funding
LAS VEGAS: Hyperloop One start-up, intent on zipping people along at nearsupersonic speeds in pressurised tubes, announced on Tuesday that the French national rail company had joined its growing list of backers.
Hyperloop One said that it raised $80 million in fresh funding from an array of investors, including GE Ventures and France’s SNCF.
“The overwhelming response we’ve had already confirms what we’ve always known, that Hyperloop One is at the forefront of a movement to solve one of the planet’s most pressing problems,” Hyperloop One co-founder Shervin Pishevar said.
“The brightest minds are coming together at the right time to eliminate the distances and borders that separate economies and cultures.”
Pishevar and Brogan BamBrogan founded Hyperloop One, originally named Hyperloop Technologies, in 2013 to make real Elon Musk’s well-researched vision of a lightning-fast transport system with the potential to transform how people live.
Musk outlined his futuristic idea in a paper released in 2013, challenging innovators to bring the dream to life.
Hyperloop One, one of the start-ups that picked up the gauntlet Musk threw down, plans a demonstration on Wednesday in the desert outside Las Vegas to show what it has accomplished so far.
BamBrogan also promised a “full-scaled, full-speed” demo by the end of the year.
“It’s not just a faster train; it is an absolute on-demand experience,” he said during a presentation here late Tuesday. “It leaves when you get there and goes directly to your destination.”
BamBrogan went on t o playfully describe Hyperloop as having such a controlled environment that it would be “elevator smooth” as well as “pet friendly, kid friendly, grandma friendly.”
Hyperloop One is so confident in the speed at which the project is moving that it announced a global challenge in which businesses, governments, citizens, academics and others can submit proposals for where the systems should be built.
“Just like an Olympics bidding process, we want to understand the great ideas in the world and then extract the best one,” Hyperloop One chief executive Rob Lloyd said. “So after we had our Kitty Hawk moment, we can start to transform the world.”
Late last year, Lloyd said in an online post that the team was working toward a “Kitty Hawk” moment in 2016. The Wright brothers made history with the first successful powered airplane flight just outside the North Carolina town of Kitty Hawk in 1903.
The post came with word of an agreement to use an industrial park in the city of North Las Vegas to conduct a Propulsion Open Air Test of the blazingly fast rail system.
Lloyd described it at the time as a very important step on the way to realising Hyperloop One’s full potential.
“Our ‘Kitty Hawk’ moment refers to our first full system, full scale, full speed test,” he said. “This will be over two miles of tube with a controlled environment and inside that tube we will levitate a pod and accelerate it to over 700 miles (1,125 kilometres) per hour.”
Hyperloop One boasted of a growing network of collaborators interested in seeing the technology succeed and using it to revolutionise the way people and cargo get around.
Lloyd envisioned a day when factories could crank out goods on demand to have them quickly transported to far-off locations, then perhaps even delivered in autonomous vehicles.
He was also looking forward to a time when painfully congested commuter traffic would be little more than a story from a time gone by.