Virgin Hyperloop One, a startup pursuing a high-speed, tube-based transportation system, says it has set a new speed record and raised a fresh $50 million for its efforts.
The company, reportedly short on cash, secured the new funding from Dubai’s DP World and Russia’s Caspian Venture Capital. The company also raised money in October from Virgin Group, whose founder Richard Branson has been named Hyperloop One chairman.
Hyperloop One was founded with the hopes of creating a high-speed transportation system based on designs by Elon Musk, who is developing his own hyperloop. Musk’s hyperloop tests have produced a speed of 220 mph, but Hyperloop One claims it recently bested that speed by 20 mph.
Check out the full release from Hyperloop One here.