Hyperloop Company Gets Additional Funding

Los Angeles-based startup Hyperloop Technologies Inc. has changed its name to Hyperloop One and attracted an additional $80 million in financing.

The two-year-old company, which now has raised a total of $120 million, plans to demonstrate its so-called “hyperloop” technology later today at a test track it’s building near Las Vegas. The company is one of several that are pursuing the high-speed hyperloop transportation system proposed by Tesla-founder Elon Musk in 2013.

Hyperloop systems promise to transport groups of people and/or freight through pressurized tubes at near supersonic speeds. Hyperloop One notes that such a system would allow passengers to make the 380-mile trek from Los Angeles to San Francisco in about 30 minutes.

Although Musk decided to open source the idea, his SpaceX venture is one of the companies developing the technology. Another Los Angeles startup named Hyperloop Transportation Technologies also is building a test track.