Los Angeles-based Hyperloop Technologies is now Hyperloop One and $80 million richer from a close of its Series B round of financing today.
The news comes just days after rival hyperloop builder Hyperloop Transportation Technologies (HTT) announced a licensing deal to power its own prototype with magnetic levitation technology.
Both Hyperloop One (formerly Hyperloop Technologies) and HTT are based in L.A. and both are working on models of Elon Musk’s Hyperloop – a vacuum tube-based transportation technology promising to shoot riders from San Francisco to the City of Angels in 30 minutes or less.
The moniker was too much like its rival hyperloop builder and the change comes just in time for a propulsion open-air test (POAT) Hyperloop One will be conducting in North Las Vegas tomorrow.
The new cash is from existing investors Sherpa Ventures, 8VC, ZhenFund, Caspian Venture Partners and a few new investors, including 137 Ventures, Khosla Ventures, Fast Digital, Tekton Ventures, Partech Ventures, Western Technology Investment (WTI), SNCF, the French National Rail Company (interestingly) and GE Ventures, which has invested heavily in building high speed rail in various parts of the world such as Europe and China. The total now raised is at $100 million.
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