Hyperloop One Secures New Funding from Virgin Group

Transportation Hyperloop One announced it has completed a new round of financing from Virgin Group, led by celebrity entrepreneur Richard Branson.

As part of the investment, Hyperloop One has rebranded to Virgin Hyperloop One, and it plans to reinvent transportation and eliminate time and distance barriers 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 Nevada desert’s 500-meter development loop track. 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.