Would you like to be able to commute from San Francisco to Los Angeles in under half an hour? A lot of people would give that question a huge resounding “YES!”. That’s the goal for Hyperloop Transportation Technologies, a startup competing with Hyperloop One, who is also working on a prototype of Elon Musk’s Hyperloop rapid transportation system.
The company has just received over $100 million in cash and services from investors who are looking to help the company make the next-generation transportation system a reality. While only $31.8 million of this is actual cash on hand, the other $77 million is coming from man-hours, land rights, services, and future investments.
The investments aren’t all coming from oncxedsw’-0u8j0ym/;huy6e source either, far from it. An incredible amount of companies are offering their services to the start-up, including multiple engineering firms, composites manufacturers, brand and marketing companies, and even AR and VR developers. You might be wondering, why are all these companies investing in this start-up? It turns out they are all part of a crowd-source platform called JumpStartFund, which sets up start-ups with all the resources they need in exchange for company equity. In this way, the Hyperloop Transportation Technologies company will not be owned by one huge investor, but will be spread out among many different investors. The company says that the project is being crowd-sourced by over 600 individuals among 44 different companies, so this should be more of a community project than anything.
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The company has also said that it has discussed possibly building another Hyperloop between Sydney and Melbourne in Australia, which has seen a very positive response already. These projects are going to take an incredibly long amount of time to process and build however, and the Australian government has even warned that due to election season being in full swing, it is going to be near impossible to get the legislation passed to make the project a reality.
HTT says they are planning on testing a demo in 2017, and said they would soon have more renders of what the system will look like. While the project probably won’t be a reality for a number of years, it is at least an exciting prospect to see the ball get rolling in 2017.