The Little Engine That Might? Hyperloop One Boosts Funding; Names Ex-Uber CFO As Adviser
The following is an excerpt from Alan Ohnsman | October 13, 2016 | Forbes.com |
Hyperloop One, the Los Angeles tech company that’s working to bring to life Elon Musk’s vision for an ultra-fast transportation system, has raised another $50 million needed to complete a prototype of its tube-based vehicle. The company, which has recently been mired in a nasty dispute among its founders, also tapped a veteran Silicon Valley financial executive as a key adviser.
With the just-completed sale of Series C convertible notes Hyperloop One has now raised $160 million to cover R&D expenses and testing of its train-like system intended to propel cargo and passengers through vacuum steel tubes at hundreds of miles per hour. To help guide the startup’s funding needs, Brent Callinicos, previously Uber’s chief financial officer and a past treasurer for Google joins Hyperloop One as its chief financial advisor.
“Things are moving quickly,” Chief Executive Officer Rob Lloyd said in an interview. “I’ve only been here a year but the things we’ve accomplished in that year, the talent of the team, it’s exciting to be on track to show the world a prototype in the first quarter of 2017.”
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