TransPod, a Toronto, Canada–based developer of the hyperloop system, secured $15m in seed funding.
Angelo Investments, an Italian high-tech holding group specializing in advanced technologies for the railway, space, and aviation industries led by Vito Pertosa, made the invedtment.
The company intends to use the funds to open Canadian and Italian operations in the first half of 2017, grow its team of engineers and experts from around the world, and invest in research and development as it continues to focus on producing a commercially viable product by 2020.
Led by Sebastien Gendron, founder and CEO, TransPod develops the hyperloop system for commercial transportation. Founded in 2015, the company has been focused on developing and proving proprietary designs that reduce both immediate and long-term issues inherent in technology proposed to date with elements ranging from passenger comfort and operational performance to route design, tube pressure, and the pod’s internal systems.
TransPod will seek support from the federal and provincial governments of Canada to prospect and build a test track in Ontario, Canada.