Remember Hyperloop One? The futuristic transport service Startup built on Elon Musk’s vision for a fast and more efficient transportation system. Well, that high-tech US-based company has received a big boost this week.

According to TechCrunch, the Los Angeles-based startup has secured an $85 million in its Series B-1 funding round. DP World, OurCrowd.com, Caspian VC Partners, and WTI have backed this funding round. This latest round brings the total funds raised by the company to a whopping $245 million, according to startup profiler CrunchBase.

From Elon Musk's vision to reality

Founded in 2014 and based in Los Angeles, California, Hyperloop One (formerly known as Hyperloop Technologies) is a high-tech transport-focused company that is working to create the futuristic high-speed trains that can carry both passengers and cargo in a giant pneumatic tube at supersonic speeds at a fraction of the cost of the regular air travel.

The Hyperloop One company is currently working to commercialize the concept of Hyperloop transportation that was first coined by Tesla founder and CEO Elon Musk in 2013.

According to the company, the Hyperloop uses some sort of linear electric motor to move an electromagnetically levitated pod through a low-pressure giant pneumatic tube. The futuristic vehicle will travel at speed up to 670 miles per hour.

To date, the Los Angeles-based company has raised a total of $275 million. This brings the company’s current market valuation to more than $700 million. The fresh funding comes after Hyperloop and the Colorado Department of Transportation announced a collaboration. The two have agreed to work together and conduct a feasibility study for potential routes for the futuristic tunnel-based transport system within the Colorado state, according to Recode.

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The Colorado’s Front Range was named as one of the 10 winners of the Hyperloop One Global Challenge, which was announced on September 14. The two will also receive support from AECOM consulting firm in conducting a feasibility study of a potential route from Pueblo to Cheyenne, Wyoming, the CSIndy reported.

Hyperloop is now everywhere

According to Finsmes, Hyperloop One has been in talks with a number of governments around the world for the development of the most promising routes. Additionally, the company has already completed feasibility studies on potential routes in Dubai, Russia, US and the United Kingdom. It also in advanced talks with The Netherlands and Finland, trying to demonstrate the huge potential of the Hyperloop technology.

In addition, the company also plans to work closely with the winners and finalists of the recently held Hyperloop One Global Challenge. The high-tech global challenge, which started in May 2017, will help identify promising new Hyperloop routes around the world. More than 2600 teams have reportedly registered to this global contest. But the numbers have been narrowed down to 35 remaining teams, who have the most feasible and strongest proposals.