Hyperloop One Raises $50 Million, Hires Former Uber CFO
The Hyperloop One startup has announced the completion of a new $50 million financing round, according to recent reports. This brings the total reportedly raised by the firm to $160 million.
The company also recently announced that it has hired former Uber Chief Financial Officer (CFO) Brent Callinicos as a “full-time strategic advisor to the CEO and board of directors.” Callinicos has also formerly held notable positions at Google and Microsoft.
Callinicos previously invested in the company during its Series B fundraising round, before then relocating to Los Angeles and deciding to work for the company.
“We hope he can help us do the same things he helped Uber do in those early days,” commented Hyperloop One CEO Ron Lloyd in an interview with The Verge.
As a reminder, the LA-based company is currently working to get a full-scale demonstration of its technology (up to 700-mile-per-hour, vacuum tube–based transportation) up and running by the first quarter of 2017. The first test track won’t be performing at such high speeds, though, it should be remembered.
Greentech Media provides more: “Hyperloop One’s latest financing round was led by DP World Group of Dubai, the third largest ports operator in the world, which recently signed an agreement to explore moving containers from ships docked at the Port of Jebel Ali to a new inland container depot in Dubai through a Hyperloop tube. This project, if built, would focus on shipping goods rather than people. … With DP World’s strategic investment, (DP World Group Chairman and CEO Sultan Ahmed Bin) Sulayem will join Hyperloop One’s board of directors. Also joining the board is Ziyavudin Magomedov, Russian billionaire and chairman of The Summa Group, a port and oil business. Magomedov’s Caspian VC Partners fund has been a strategic and early investor in Hyperloop One.”
As well as the aforementioned exploration of possibilities in Dubai, Hyperloop One is also now conducting feasibility studies in Finland, The Netherlands, Sweden, Switzerland, the UK, and Moscow — as well as one for the Port of Los Angeles. The test track currently under construction is located in Nevada.
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