Hyperloop One, an L.A.-based venture that wants to commercialize Elon Musk’s rapid-transit concept, says it has received $50 million in a financing round led by Dubai-based port operator DP World Group.
In a news release, Hyperloop One said the latest round brings its total financing to $160 million.
The announcement serves as another signal that cargo transport is likely to be one of the first applications for Hyperloop One’s near-supersonic, tube-running pods. DP World recently signed an agreement with Hyperloop One to look into building a system that would move containers from Dubai’s Port of Jebel Ali to a new inland depot.
