Another startup steps up to build the hyperloop

Gigaom

Hyperloop Technologies, a startup formed by SpaceX alumni and well-known Silicon Valley executives, came out of stealth with $8.5 million on Wednesday to make the hyperloop reality, according to a report in Forbes.

The hyperloop, a transportation system that would send capsules large enough to contain people or goods through tubes at 760 miles per hour, originated with a paper published by SpaceX CEO Elon Musk and his team in 2013, but Musk said at the time that he didn’t have the time to pursue building it. He announced plans to build a test track last month.

That paper contained enough details for others to go after their own plans, and Hyperloop Technologies is the first to come up with actual money. On top of that $8.5 million, it plans to raise an $80 million funding round before the year is up, according to Forbes. Its team is led by former…

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