Los Angeles startup Hyperloop One (formerly Hyperloop Technologies) said it closed an $80 Million Series B funding round with the participation of existing investors Sherpa Ventures, EightVC, ZhenFund and Caspian Venture Partners. New investors in this round include GE Ventures, 137 Ventures, Khosla Ventures, Fast Digital, Western Technology Investment (WTI), and French national rail company SNCF.

The startup was founded in 2014 by its executive chairman Shervin Pishevar and CTO Brogan BamBrogan, and is led by CEO Rob Lloyd, who previously raised $11.1 million in their Series A round in February 2015.

Hyperloop One is reinventing transportation by developing the world’s first Hyperloop, an elegant, integrated structure to move passengers and cargo between two points immediately, safely, efficiently, and sustainably.

Its team has leading experts in engineering, technology and transport project delivery, working in tandem with global partners and investors.

“Hyperloop One is at the forefront of a movement to solve one of the planet’s most pressing problems,” said Pishevar.

“Our growing team of incredible engineers is working at full-speed along a proven development process to design, analyze, build and test the hardware and software to make Hyperloop a reality,” said BamBrogan.

“Hyperloop One has built a powerful global ecosystem of companies that are definitive experts in their fields and now come together to unlock the true impact of Hyperloop,” Lloyd added.

Hyperloop One has assembled more than 150 employees at its state-of-the-art innovation campus in Downtown Los Angeles, and test and safety site in North Las Vegas, Nevada.

“The State of Nevada prides itself on attracting innovative businesses and welcomes ideas that improve the way that people live, both locally and globally,” said Brian Sandoval, Governor of Nevada. “We believe that Hyperloop One will develop the next mode of transportation while also providing a significant revenue stream and job opportunities for Nevadans. This company will be an anchor at the Apex Industrial Park and I look forward to a successful partnership for years to come.”

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