Hyperloop Raises $93 Million in Funding
Perhaps the third or fourth big interest of Elon Musk is Hyperloop Technologies, which aims to send people and cargo traveling at airspeeds in a tube for land-based travel.
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.
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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.
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
