Elon Musk has his eyes not only on the skies or on social media, but also on the road (and what lies underneath). This is what saw the billionaire bring The Boring Company into reality, and now, the same has scooped up $675 million in Series C funding.
The round was led by Vy Capital and Sequoia Capital, with participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth. Additionally, a group of leading real estate partners “of strategic importance,” including Brookfield, Lennar, Tishman Speyer, and Dacra, joined the round.
According to the Austin Texas-based company, the proceeds from the funding round will be utilized towards driving recruitments across engineering, operations, and production to build and scale Loop projects (including Vegas Loop and others), as well as accelerate the research and development of Prufrock and future products.
With the latest round of funding, The Boring Company is valued at $5.675 billion. This development also comes months after it received the green signal to make Vegas Loop, the largest subsurface transportation project in the US and its first major Loop project, a reality. The 29-mile tunnel network will connect 51 stations and transport up to 57,000 passengers per hour fast, saving time and distance and making sure that you are not caught in the maws of traffic, defeating whom is “the ultimate boss battle,” according to Musk.
For the uninitiated, Prufrock is The Boring Company’s next-gen tunnel boring machine, which reduces the duration of constructing mega-infrastructure projects from years to weeks. According to the company, the current iteration of the machine can mine up to 1 mile/week.
As for Loop, it is a brainchild to revolutionize transportation with its all-electric, zero-emissions, high-speed underground public transportation system. Loop ensures that you can get to your destination fast with no stops in between, thus saving you from being stuck in traffic at all times (especially when you are running late on an important day).