Transportation Startup Hyperloop One Closes $85 Million

Hyperloop One closed $85 million in Series B financing from Caspian Venture Capital, putting the company’s valuation at more than $700 million.

Hyperloop One aims to reinvent transportation and eliminate barriers of time and distance by using Hyperloop transport to move cargo and passengers efficiently and sustainably. In June, Hyperloop One achieved historic test speeds traveling nearly the full distance of the 500-meter development loop track in the Nevada desert. The Hyperloop One XP-1, the company’s first-generation pod, accelerated for 300 meters and glided above the track, using magnetic levitation before braking and coming to a gradual stop. The company is currently working aggressively to meet a goal of having three production systems in service by 2021.