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Virgin Hyperloop One raises $50M, names Richard Branson as chairman

Virgin Hyperloop One

Dubai's DP World and Russia's Caspian Venture Capital are each contributing $25 million in a combination of convertible loans and stock warrant purchases, according to a financial document reviewed by Bloomberg.

"The recent phase three testing continues to prove the incredible persistence and determination of our DevLoop team-the close to 200 engineers, machinists, welders, and fabricators who collaborated to make hyperloop a reality today", said Josh Giegel, Virgin Hyperloop One's co-founder and chief technology officer.

Virgin Hyperloop One, a Los Angeles, CA-based company that has built a full-scale hyperloop system, raised $50m in Series C funding. The two parted company over a suit and countersuit that were later settled.

In October, Virgin Hyperloop One received US$85m from several investors, including Branson's Virgin Group (resulting in the company's name change from Hyperloop One). The partnership seemed like a logical fit given the Virgin Group founder's reputation for, including high-altitude ballooning, high-speed yachting.

On a technological level, the company also announced some progress.

On his new role, Branson said: "I am excited by the latest developments at Virgin Hyperloop One and delighted to be its new chairman".

On Monday, the company also announced that Virgin Group founder Richard Branson would become the startup's chairman. It market an event for Virgin America's first non-stop flights from Boston to San Francisco and Los Angeles.

In the defamation suit, Pishevar accuses Definers Corp, a Virginia public affairs firm founded by former Republican campaign managers, of generating the news reports as part of a smear campaign against Silicon Valley.

Musk recently tweeted that 10 purchasers of a hat bearing his company logo will be "picked at random" to tour his hyperloop tunnel in Los Angeles and drive his boring machine. Branson rebranded Hyperloop One in October.

Other competing companies have since cropped up, including one backed by Elon Musk, who originally conceived of the mode of transportation.

In addition, Virgin Hyperloop One noted that it has also set a historic test speed record of almost 387 kilometers per hour (240 miles per hour, 107 meters per second) during its third phase of testing at DevLoop, the world's first full-scale hyperloop test site. Musk has suggested a hyperloop system - with passenger-carrying pods zipping through vacuum tubes - could ultimately travel at speeds as high as 700 miles per hour, cutting the commute between Los Angeles and San Francisco to about 30 minutes. The company is also in the process of rebranding itself Virgin Hyperloop One. The singer said she attended a party in 2010 at Branson's Caribbean retreat on Necker Island when the host suddenly placed his head between her breasts and made a motorboat engine sound.

Branson's Virgin Galactic is developing a unique airplane-based system to launch rockets for tourist trips outside Earth's atmosphere.