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Hyperloop One Pulls in $80M Funding, Set to Bring High-Speed Train to Life

May 12, 2016 05:14 AM EDT

Hyperloop Technologies has just rebranded into Hyperloop One, and is now $80 million richer after closing its Series B round of financing.

The company made their announcement during a demo of its hyperloop system in a test track in Las Vegas. The funding came from some venture capital firms that are aspiring to be part of the hyperloop project.

As for the change of name, CEO Rob Lloyd explained that he believes the company will be the first to deliver the hyperloop. "We can assure you that we're the one company that's ahead of all the others in executing on this vision," he said.

Hyperloop One and Hyperloop Transportation Technologies (HTT) are the two rival firms that are working to bring the hyperloop to life. Both companies are based in Los Angeles and are working on models of the high-speed hyperloop train, which is composed of a pod and a vacuum tube and is said to transport passengers from San Francisco to L.A. in less than 30 minutes.

The announcement came just days after HTT said that it would use passive magnetic levitation to propel the pods through tubes at about 760 MPH.

Up until the two rival companies decided to turn this vision into reality, the hyperloop had merely been a concept developed by Tesla and SpaceX CEO Elon Musk in 2013.

Apart from the name change and funding, Hyperloop One also added a number of global partnerships, among them are AECOM, Deutsche Bahn Engineering & Consulting, KPMG and ARUP.

"The overwhelming response we've had already confirms what we've always known, that Hyperloop One is at the forefront of a movement to solve one of the planet's most pressing problems," Hyperloop One co-founder and venture capitalist Shervin Pishevar.

Hyperloop One is also participating in feasibility studies to examine the potential benefits of hyperloop routes in Finland and Sweden. 

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