Hyperloop One, that works on the Elon Musk’s freight and passenger transportation project, has closed an $85 million investment round. The company reported, mentioning that it now can boast $245 million in funding.
It brings the company’s valuation to more than $700 million, according to sources.
Investors in this round include DP World, Caspian VC Partners, WTI and OurCrowd.com, according to the company.
“The fact that we have made so much progress with governments around the world speaks to the transformative nature of Hyperloop One’s technology and the material transportation and societal benefits it unlocks,” Brent Callinicos, COO and CFO, of Hyperloop One said in a statement.
Hyperloop One is conducting feasibility studies in a number of different countries trying to highlight 10 high-potential Hyperloop routes at various locations around the world.