Hyperloop One raises $50 million from Dubai and Russian funders

Virgin Hyperloop One, a Los Angeles company, announced it has raised $50 million from foreign venture capital investors and made Richard Branson the chairman of its board of directors.

The new round of funding came from Dubai’s DP World and Russia’s Caspian Venture Capital. Axios, which first reported the story, called the money a lifeline for a company so low on cash that the jobs of some 300 employees were at stake.

The company has raised $295 million since its 2014 founding.

Other Hyperloop Companies

The Boring Company led by Elon Musk. Elon created the original Hyperloop designs.

Arrivo Corp. led by BamBrogan and other former Hyperloop One employees.

Virgin Hyperloop One has recently set a new speed record of 240 mph at its test site in Las Vegas.