Technology

Hyperloop Raises $93 Million in Funding

Jon C. Ogg

Published: May 11, 2016 10:10 am

Last Updated: January 13, 2020 9:33 am

Perhaps the third or fourth big interest of Elon Musk is Hyperloop Technologies. The aim here is to send people and cargo traveling at airspeeds in a tube for land-based travel. The effort may have taken on more publicity than Musk may have intended at the time, but now there is a round of funding in the news.

A Form D filing with the U.S. Securities and Exchange Commission showed that Hyperloop has raised a sum of $93,283,640 in equity financing. Before thinking that the funds are out of the blue, note that the Form D filing said the date of the first sale under a new notice was December 29, 2015.

The filing further shows that it is equity financing, and that it was also “other” financing via preferred stock, which can convert to common stock. Another disclosure showed that this offering was not being made in connection with a business combination transaction.

It might have been an assumption that Musk himself and maybe a couple high-dollar friends and associates participated, but the filing shows that 74 investors already have invested in the offering.

Tech Crunch had reported earlier that Hyperloop had raised $80 million, and that it has changed name to Hyperloop One.

Elon Musk may be the big name here, but Hyperloop One is led by others. Shervin Pishevar is the co-founder and is its executive chairman, and Rob Lloyd is chief executive officer of Hyperloop. Brogan BamBrogan is listed as co-founder and as chief technology officer.

FULL FORM D FILING