Hyperloop announces $26 million in new funding for the pneumatic metal tubes of the future

The dream of rocketing through a metal tube at 800 mph took another big step forward on Thursday with the announcement that Hyperloop has added another $26 million to its war chest of cash.SEE ALSO: Construction of $150 million hyperloop test track beginning in weeksHyperloop is on its second major round of funding, known as a series B, while it tries to build a high-speed pneumatic tube transportation system to zip people from one place to another.Making the announcement about the new funding at the Web Summit in Ireland, CEO Rob Lloyd said the company is confident the company will achieve its goal of meeting its full $80 million series B round by the end of the year.Lloyd, the former president of Cisco Systems, joined Hyperloop as CEO in September, replacing Brogan BamBrogan, who is now the company’s chief technology officer.The $26 million comes from convertible note financing, which is a type of debt. Convertible notes are bonds that investors buy to help a company raise money; at a certain point in the future, when the bond reaches its maturity, they get the option to trade in the bond and take stock in the company instead.

Source: Hyperloop announces $26 million in new funding for the pneumatic metal tubes of the future

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