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Report: Virgin Hyperloop One raises another $50 million

Report: Virgin Hyperloop One raises another $50 million
[Photo: courtesy of Hyperloop]

The transportation startup based on Elon Musk’s Hyperloop technology has secured another $50 million in funding, allowing it to stay afloat, reports Axios. The funding comes from two existing investors: Russia’s Caspian Venture Capital and Dubai’s DP World. Hyperloop One was founded in 2014 with the goal of making hyperloop transportation tech a reality. The company rebranded as Virgin Hyperloop One after Richard Branson’s Virgin Group recently invested in it. Axios says that investment and Branson’s new agreement to become chairman of Virgin Hyperloop One was the key to obtaining the new round of funding. Without it, the company was at risk of running out of cash, threatening 300 jobs.

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