Boring Company raises $675 Million to Scale Loop Operations

Tesla CEO Elon Musk’s The Boring Company has raised a $675 million Series C round of funding to scale the company’s loop projects. 

The seed round was led by Vy Capital, Sequoia Capital, Founders Fund, 8VC, Craft Ventures, and other venture capital companies in Silicon Valley. 

The company says will use the funds to significantly increase hiring across engineering, operations and production to build and scale Loop projects and accelerate the research and development of Prufrock, the company’s next-generation tunnelling machine. 

“In the short term, if each Prufrock-2 mines at 1 mile/week, and TBC produces 1 new Prufrock machine per month, then TBC will be introducing 600 miles/year of capacity,” the company said in a statement. 

“As a point of reference, less than 20 miles of subway tunnel has been constructed in the United States in the last 20 years.”

While some people consider this a side piece project for Musk, fortunately for him the boring company is a serious business and ready to change the face of public transport and travel. 

Musk tweeted: “Underground tunnels are immune to surface weather conditions (subways are a good example), so it wouldn’t matter to Hyperloop if a hurricane was raging on the surface. You wouldn’t even notice.”

The Boring Company has been approved to build a transport system in Las Vegas that would shuttle passengers in Tesla vehicles. 

Please follow and like us:

Leave a Reply

Your email address will not be published.

Social Share Buttons and Icons powered by Ultimatelysocial