Elon Musk’s The Boring Company which is set to build underground highways to alleviate traffic congestion, beautify cities and enable rapid point-to-point transportation has raised $675 million Series C round, bringing its total valuation to $5.7 billion.
According to the company, the new funding will be used to increase hiring across engineering, operations and production in order to build and scale Loop projects as well as to accelerate the research and development of Prufrock, the company’s next-generation tunnelling machine.
The funding round was led by Vy Capital and Sequoia Capital, and also saw participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth.
What they are saying
The company said in the statement, “The funds from the round will be used to significantly increase hiring across engineering, operations, and production to build and scale Loop projects, including Vegas Loop and others, in addition to accelerating the research and development of Prufrock and future products.”
What you should know
- The Boring Company (TBC) was founded by Elon Musk to revolutionize transportation as the company focuses on its mission to solve traffic, beautify cities and enable rapid point-to-point transportation.
- TBC has spent the last 5 years building core technologies designed to solve traffic and beautify cities via Loop and Hyperloop.
- Loop is an all-electric, zero-emissions, high-speed underground public transportation system in which passengers are transported to their destination with no intermediate stops while hyperloop is an ultra-high-speed ground transportation system.
- TBC’s first major Loop project, Vegas Loop is the largest subsurface transportation project in the United States and is located in Las Vegas Nevada.
- The Clark County Commissioners unanimously approved Vegas Loop, a 29-mile tunnel network connecting 51 stations on October 20, 2021, which is expected to enable safe, low cost, and high-speed transportation throughout Las Vegas, targeting throughput of up to 57,000 passengers per hour.
- The next generation Tunnel Boring Machine is called Prufrock and it is designed to construct mega-infrastructure projects in a matter of weeks instead of years and at a fraction of the cost.
