Hyperloop One, another player in the race to a functioning and public Hyperloop has just raised $85 million in a Series B funding which brings to the total amount of cash raised to around $285 million. The company boasts that they have built the only functional Hyperloop in the world and says that the amount raised is reflective of that.
The company also held a global competition requesting proposals for routes around the world and the following 10 routes were the winners of the competition. Their idea was to cast the widest net possible to break bottlenecks in markets where incumbents have failed to solve hard problems. Hyperloop One’s take on it was to challenge teams young or old, expert or amateur, to submit their best proposals for Hyperloop networks connecting cities and regions.
- Cheyenne – Denver – Puelbo (579 km)
- Chicago – Columbus – Pittsburgh (785 km)
- Miami – Orlando (414 km)
- Dallas – Houston (1030 km)
- Toronto – Montreal (644 km)
- Mexico City – Guadalajara (531 km)
- Edinburgh – London (666 km)
- Glasgow – Liverpool (546 km)
- Bengaluru – Chennai (335 km)
- Mumbai – Chennai (1102 km)
Hyperloop One assessed each competition entrant (2600 teams globally participated) from the angle of infrastructure, technology, regulatory environment and also the transportation concerns in those areas. It would be fantastic if the routes can be set up and run operationally as this would affect up to 150 million people in the routes above. The competition started last year with Hyperloop One narrowing it all down to 35 entries earlier this year.
Hyperloop One will assist the 10 winning teams through support and resources to get the project up and running and bring it to commercial viability. This also includes getting through the various regulatory and government hurdles and getting capital to start the projects.
In terms of testing, Hyperloop One’s phase 2 managed to get the pod to hit speeds of slightly over 300 km/h. Still a far cry from trying to hit speeds of more than 1000 km/h but it is still a great start for the company. In a race to being the first to have one commercially ready, it seems that Hyperloop One is one step ahead.
[Source: Hyperloop One & TechCrunch]