Hyperloop Technologies Inc., the Los Angeles, CA-based developer of the next generation transportation system Hyperloop, closed a $26m convertible note financing.
The financing is part of an aggregate $80m Series B funding, which is expected to be closed before the end of 2015.
Backers included Khosla Ventures, Formation8, Sherpa Capital, Caspian Venture Capital, Zhen Capital and other individual investors.
Co-founded by Shervin Pishevar and Brogan BamBrogan and led by Rob Lloyd, Hyperloop Technologies is involved in the process of designing, building, and testing every aspect of the world’s next transportation system, Hyperloop, which aims to move people and cargo at speeds never thought possible.
The company is hiring
— HyperloopTech (@HyperloopTech) November 5, 2015