The Hyperloop system, which could shuttle people from city to city at supersonic speed, is now even closer to reality with a string of recent announcements from industry players.
Hyperloop Technologies just revealed in an official statement that the company has snagged $26 million in funding from Khosla Ventures. The investment is a significant contribution to the $80 million Series B round that Hyperloop hopes to raise by the end of 2016. There is an expectation that the new financial infusion will bring the high-speed rail network closer to reality. This highlighted the importance of investors in the construction of the 400-mile Hyperloop between San Francisco and Los Angeles, which is estimated to cost $8 billion, according to Fortune.
Top leaders at Hyperloop Technologies, however, appear to be undaunted by the sheer amount of money and resources needed to construct the Hyperloop project. Rob Lloyd, for instance, the newly appointed CEO at Hyperloop, announced Thursday that the startup will be constructing not just one, but three Hyperloop networks. This could include a Hyperloop system in the United Arab Emirates, which could be operational before 2020, said Peter Diamandis, a member of Hyperloop's board, according to Tech Insider.
Hyperloop Transportation Technologies (HTT), the other Hyperloop startup, has similar ambitious plans and indicated that it could complete a Hyperloop system within five years. The company has already said that it will begin constructing its test track in May 2016, as HNGN previously reported. However, its first Hyperloop will also not be in the U.S.. Hyperloop companies are bullish on projects overseas because it is purportedly easier and cheaper to acquire land in other countries than in the U.S., Tech Insider reported.
