The pod quickly lifts above the track using magnetic levitation and glides at airline speeds for long distances due to ultra-low aerodynamic drag.
In 2013, Musk pitched an idea for entrepreneurs to create a massive vacuum tube that could one day transport someone from Los Angeles to NY in 45 minutes.More news: Irish High Court finally approves Apple's Athenry data centre
"Ever since our creation, Virgin has been known for disruption and investing in innovative companies", said Branson.
A spokeswoman from Hyperloop One didn't respond to a request for comment on the new funding round.
The technology for Hyperloop One is now in the early stages of the commercialisation phase after the successful completion of the world's first full scale hyperloop systems test at the DevLoop site outside Las Vegas.More news: United States to pull out of UNESCO
First pitched in 2013 by Tesla CEO Elon Musk, the ambitious idea for a hyperloop system (Musk himself is considering building a hyperloop of his own) involves a series of tubes that transport pods using magnetic levitation in a vacuum-sealed environment.
Neither has had a smooth ride, however.
The entire field was shaken by the announcement in July that Elon Musk meant to build his own Hyperloop after all. In July, Musk - who isn't involved in Hyperloop One - revealed on Twitter that he'd received "verbal government approval" to build a hyperloop capable of ferrying passengers between NY and Washington in 29 minutes.More news: Hollywood male actors support Weinstein victims, tell own sexual assault stories
But Hyperloop One has not been without controversy. "There remains a challenge of cost both in terms of design, production and maintainability with figures initially quoted from the team already escalating". In the United Kingdom we would not be able to use any existing transport corridors at these speeds due to their lateral curvature.
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