Hyperloop One, a company developing high-speed transportation technology using tube-encased lines, has ceased operations.
The startup secured over $450 million in funding since its inception in 2014, and even partnered with Virgin Group for a time. A test track was constructed near Las Vegas for technological development.
The company ultimately shifted its focus from passenger transport to cargo, and ultimately shut down.
Hyperloop One, the futuristic transportation company building tube-encased lines to zip passengers and freight from city to city at airplane-like speeds, is shutting down, according to people familiar with the situation.
Once a high-profile startup, Hyperloop One raised more than $450 million since its founding in 2014, according to PitchBook. It built a small test track near Las Vegas to develop its transportation technology, and for a time took the name Virgin Hyperloop One after Richard Branson’s Virgin invested. Virgin removed its branding after the startup decided last year to focus on cargo rather than people.
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