Hyperloop One, the Los Angeles, CA-based company that has built a full-scale Hyperloop system, closed an $85m Series B-1 funding round.
This round brings the total financing raised by Hyperloop One to $245m since its founding in 2014.
Backers included Caspian VC Partners as a part of Summa Group, OurCrowd.com, GE Ventures, WTI and Khosla Ventures.
Co-founded by Executive Chairman Shervin Pishevar and President of Engineering Josh Giegel, and led by CEO Rob Lloyd and COO and CFO Brent Callinicos, Hyperloop One completed a full scale Hyperloop One test this past summer, and will now focus on the commercialization and development of the most promising routes around the world.
The company has been in discussions for several months with a number of governments around the world about developing Hyperloop One projects and has already successfully completed feasibility studies in Dubai, the United Kingdom, Russia and the United States. Additionally, advanced discussions to demonstrate the Hyperloop One technology have taken place with the governments of the Netherlands and Finland.
Following the success of the Hyperloop One Global Challenge, which identified promising new Hyperloop routes around the world, the company will work closely with the winners and finalists to determine the feasibility of their proposed routes. As a direct result of the Global Challenge, Hyperloop One and the Colorado Department of Transportation (CDOT), with support from AECOM, announced last week it will enter a first of its kind public-private partnership to begin a feasibility study in Colorado.