Here Comes Hyperloop One: The $80 Million Startup

Hyperloop Tech prepares for historic public test

The concept of the Hyperloop belongs, of course, to Elon Musk. As if being the CEO of both Tesla and SpaceX, as well as the chairman of Solar City and a cofounder of PayPal, wasn’t enough, Musk in 2013 sent shockwaves through the tech world by introducing his idea for the Hyperloop, “a fifth mode after planes, trains, cars, and boats” based on a “low pressure tube with capsules that are transported at both low and high speeds throughout the length of the tube [and which are] supported on a cushion of air, featuring pressurized air and aerodynamic lift.”

In addition to its funding and company name news, Hyperloop One also announced plans for a global challenge in which individuals, companies, and governments can submit proposals for using its technology for different “transport corridors” around the world. The ideas that “best demonstrate the transformative power of Hyperloop and are most likely to gain government, financial, and regulatory support” will gain access to Hyperloop One’s “expertise and ecosystem.”

FastCompany