Founded in 2016 by the boss of Tesla and SpaceX, the start-up aims to revolutionize urban transport.
The start-up The Boring Company, founded by Elon Musk and specializing in the construction of tunnels in large cities, announced that it had raised $675 million, bringing its valuation to $5.675 billion.
The funds raised are to be used to recruit employees in the engineering, operations and production departments, the company said in a statement on Wednesday. “Consider working at The Boring Company!“, tweeted Elon Musk on Thursday to his nearly 83 million subscribers. “Our goal is to solve the problem of traffic jams, which plagues all major cities on Earth.»
Investment funds Vy Capital and Sequoia Capital led this round, which was attended by Valor Equity Partners, Founders Fund, 8VC, Craft Ventures and DFJ Growth. The Boring Company has indicated that it wants to develop its Loop project, “an all-electric, net-zero emission, high-speed underground public transport system where passengers are transported to their destination without intermediate stops“.
Objective 57,000 passengers per hour
After receiving permission from local authorities last year, the start-up is developing a 29-mile (47 kilometer) network of tunnels to connect 51 stations in Las Vegas, Nevada. Its objective is to achieve a throughput of 57,000 passengers per hour. For the time being, The Boring Company’s main working underground in Las Vegas connects various buildings of the city’s main exhibition center where the Consumer Electronics Show (CES), the annual high mass of electronics, is held audience. In January, videos circulated on social networks showing Teslas stopped because of traffic jams in this tunnel during a demonstration during CES.
Elon Musk’s start-up also completed the construction of a tunnel in Hawthorne, in the Los Angeles area (California) at the end of 2018, used for research and development purposes. A test circuit where self-driving capsules reach speeds of over 600 miles per hour (965 km/h) has also been built at Hawthorne.
The Boring Company also says it is working on its tunnel boring machines, dubbed “prfrock“, which should allow “build mega-infrastructure in weeks rather than years and at a much lower cost“.
Founded in 2016 by the boss of Tesla and SpaceX, the start-up aims to revolutionize urban transport. Elon Musk suggested the vehicles could travel at 150 miles per hour (241 km/h). At the moment, the maximum speed allowed by local authorities in the Las Vegas tunnel is significantly lower.
SEE ALSO – Musk unveils images of his tunnel project to revolutionize transport under Los Angeles (19/12/2018)