Elon Musk’s tunneling startup Boring Company has raised USD 675 million in Series C round, led by Vy Capital and Sequoia Capital. The latest financing round also saw the participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth, taking the company’s valuation to USD 5.675 billion.
The funds from the round will be used to significantly increase hiring across engineering, operations, and production to build and scale Loop projects, including Vegas Loop and others, in addition to accelerating the research and development of Prufrock and future products, the company said in a press release.
Musk is seeking to revolutionize transportation by sending passengers packed into pods through an intercity system of giant, underground vacuum tubes known as the hyperloop. The company aims to solve the problem of traffic congestion by building transportation networks in tunnels deep underground. Musk had earlier sold Boring Company hats and flamethrowers to raise funds.
TBC creates safe, fast-to-dig, and low-cost transportation, utility, and freight tunnels. TBC has spent the last 5 years building core technologies designed to solve traffic and beautify our cities via Loop and Hyperloop, it said.
Boring Company had launched its commercial tunnel project in Las Vegas last June to transport visitors through the city’s Convention Center using human-driven Tesla vehicles. The fresh financing comes three years after Boring Co. raised $120 million at a valuation of $920 million.