A Startup founded by Elon Musk, The Boring Co. just raised new capital to fund the investor’s vision to alleviate traffic.
The Boring Co, alued at $5.7 billion, is currently working on an underground loop in Las Vegas
Vy Capital and Sequoia Capital led the $675 million funding round that valued the company at about $5.7 billion, the company said in a press release.
- Peter Thiel’s Founders Fund, (which is also a Musk’s friend and co-partner of Paypal) joined the round.
Boring Co.’s main project is a 29-mile/or 48km, an underground loop in Las Vegas projected by the company to move up to 57,000 passengers an hour in cars between 51 stations.
*The Boring Co tweet on raised funds
The Boring Company just raised $675M at a $5.675B valuation from A-list investors.
Purpose is to recruit amazing people, scale up boring machine production & build thousands of miles of tunnels.https://t.co/BpSE9syuGs
— The Boring Company (@boringcompany) April 21, 2022
The company has said it expected to eventually build extension tunnels to connect Las Vegas to Los Angeles!
The company said that,
the new funding will allow the Boring Co. to make progress on the Vegas Loop, as well as invest in autonomous mining technology.
Mobility technologies are gaining interest among entrepreneurs and venture investors as societies try to cope with rising urbanization, while trying to reduce environmental impact, according to a recent research report from PitchBook Data Inc.
Venture investors globally invested $97.7 billion in mobility technology startups last year, (up from $53.7 billion in 2020 and $55.7 billion in 2019,) according to PitchBook.
Mr. Musk in 2013 floated the idea of a new transportation system called a hyperloop where passengers would travel in autonomous pods at speeds of upwards of 600 miles per hour.