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Caspian Venture Capital and DP World invest $50 mln in Virgin Hyperloop One

December 19, 2017, 17:15 UTC+3 MOSCOW

The Hyperloop train technology, an invention of billionaire Elon Musk, makes it possible to produce trains with the highest speed for a contemporary mode of ground transport

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MOSCOW, December 19. /TASS/. Caspian Venture Capital (founder and shareholder of Russia's Summa Group Ziyavudin Magomedov is co-owner of the venture fund) and one of the world’s biggest port operators DP World have invested $50 mln in the Hyperloop high-speed train project, Summa Group reported Tuesday.

This investment brings the total financing raised by Virgin Hyperloop One, the creator of a full-scale hyperloop system, to $295 mln since its founding in 2014.

"The $50 million investment was made by existing Virgin Hyperloop One investors Caspian Venture Capital and DP World who have been consistently supportive investors and have backed the company in each of its funding rounds," the report said.

The Hyperloop train technology, an invention of billionaire Elon Musk, makes it possible to produce trains with the highest speed for a contemporary mode of ground transport. Musk’s idea is based on the assumption that capsules with passengers and cargoes will move in tubes installed above the surface, in which technical vacuum will be maintained at a speed of 1,220 kilometers per hour with intervals of no more than 30 seconds.

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