Hyperloop One Is Proud to Announce Its Virginity

Hyperloop One raised an $85 million round at a valuation that tops $700 million

Building a futuristic hyperloop system won't be cheap, so startup Hyperloop One's surely feeling good today, after it announced billionaire Richard Branson had made an investment in its endeavor.

"We're incredibly excited about the technology behind Virgin Hyperloop One and the way it could transform passengers' lives", said Virgin's Richard Branson.

"Virgin is an iconic brand and having Richard as an ally will help strengthen our mission to spread Hyperloop One throughout the world", Pishevar said in a statement.

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The pod floats above the surface of the tube using electromagnets and is gradually accelerated to speeds typically reached by an airliner.

"Virgin Hyperloop One are leading the way in these efforts", he continued, noting that the company is "working on exciting projects in the Middle East, Europe, India, Canada, and the U.S.".

"From our airlines to our trains to our spaceline, we have always been passionate about innovation in transport too, especially the development of technology that could transform people's lives", Branson said in a statement. This was presumably created in response to Hyperloop One's successful summer testing, which saw the company actually sending its passenger pod down its test track in the Nevada Desert for the first time.

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In a post on his website, Branson said he aimed to turn it into a "global passenger service" which could complete the 332-mile journey between the Scottish and United Kingdom capitals, via Manchester, in under an hour. This is just the latest example.

Branson said on CNBC that a hyperloop system could become reality in "between two and four years if governments move quickly" to approve it.

One of Hyperloop One's co-founders, head of engineering Josh Giegel, previously worked for Branson at his Virgin Galactic space venture.

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Hyperloop One, the Los Angeles-based startup working on an ultrafast tube transportation system, is no more.

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