An image released in 2013 by Elon Musk, is a sketch of the Hyperloop capsule with passengers onboard.
Sketch by Tesla Motors/AP
By Leena Rao
November 5, 2015

The Hyperloop technology project, which is a plan to ferry passengers between major cities at record speeds, just announced a new infusion of venture capital on Thursday.

The idea for the Hyperloop was popularized by serial entrepreneur and PayPal, Tesla and SpaceX founder Elon Musk. Musk is not affiliated with the Hyperloop technology project.

At the Web Summit conference in Dublin, CEO Rob Lloyd announced $26 million in new funding led by Khosla Ventures, the venture firm founded by legendary Silicon Valley investor and former Sun Microsystems co-founder Vinod Khosla. Other investors in the round include Formation8 and Sherpa Capital.

This investment is part of a larger $80 million Series B round, the rest of which the company expects to raise by the end of 2016. Hyperloop had previously raised $8.5 million.

While Musk’s vision for the project is ambitious, Hyperloop is about to break ground to construct a test track for the project in California.

This funding brings the company one step closer to making high-speed travel real, but the company still has more money to raise. The estimated cost of constructing the full Hyperloop, which would stretch 400 miles between San Francisco and Los Angeles? $8 billion.

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