hyperloop
<div class="widgetbrief" style="margin: 0px 0px 20px; color: rgb(74, 74, 74); font-family: atiza_textregular, serif; font-size: 16px; background-color: rgb(255, 255, 255);"><p style="margin: 0px 0px 20px; padding: 0px; font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; line-height: 1.75;">uturistic transportation startup Virgin Hyperloop One has agreed to raise $50 million in new private funding, Axios has learned. It also plans to name Richard Branson as chairman.</p><p style="margin: 0px 0px 20px; padding: 0px; font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; line-height: 1.75;"><strong>Why it matters: </strong>The Los Angeles-based company was running very low on cash, threatening the employment of around 300 people.</p><div class="widgetkeep-reading-action widgetshow-more" style="text-align: center; margin: 0px 0px -20px; height: 0px; overflow: hidden; transition: all 150ms;"><a class="button read-more js--toggle-brief-button js--do-not-track-internal-link js-processed" style="border-radius: 3px; background-color: rgb(240, 240, 240); font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 13px; line-height: 40px; font-family: gordita, sans-serif; display: inline-block; border: 0px; padding: 0px 20px; top: -20px; opacity: 0; position: relative; transition: all 150ms;"><span class="sprite-icons-arrow-down" style="background-image: url("https://static.rbl.ms/static/img/whitelabel/axios/spritesheets/icons.png?4fd5fd131b"); background-repeat: no-repeat; background-position: -82px -18px; width: 15px; height: 9px; background-size: 100px 70px; display: inline-block;" /><span class="read-moretext read-moretext--show-more" style="margin: 0px 0px 0px 11px; text-overflow: ellipsis; overflow: hidden; max-width: 630px; display: inline-block; white-space: nowrap; vertical-align: top;" /><span class="read-morecount" style="margin: 0px 0px 0px 11px; display: inline-block; text-transform: uppercase; letter-spacing: 0.5px; font-weight: bold; font-size: 11px;"><span class="js--read-more-count" /></span></a></div></div><div class="js--toggle-brief animate-keep-reading" style="transition: opacity 150ms; opacity: 1; margin: 0px 0px 20px; color: rgb(74, 74, 74); font-family: atiza_textregular, serif; font-size: 16px; background-color: rgb(255, 255, 255);"><p style="margin: 0px 0px 20px; padding: 0px; font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; line-height: 1.75;"><strong>Backstory</strong>: Founded in 2014 as Hyperloop One, the company's technology is based on plans for a high-speed, tube-based transportation system released by Elon Musk the prior year. This past summer it announced two successful tests, although they still only reached a fraction of the near-700 miles per hour it eventually hopes to achieve.</p><ul style="margin: 0px; padding: 0px; list-style: none;"><li style="position: relative; padding-left: 35px; margin-bottom: 20px;">In the summer of 2016, the company parted ways with one of its co-founders and a few other employees after <a href="https://www.recode.net/2016/7/12/12161258/hyperloopone-shervinpishevar-broganbambrogan-roblloyd-lawsuit" target="_blank" style="text-decoration-line: none; color: rgb(74, 74, 74); text-shadow: rgb(255, 255, 255) 0.03em 0px, rgb(255, 255, 255) -0.03em 0px, rgb(255, 255, 255) 0px 0.03em, rgb(255, 255, 255) 0px -0.03em, rgb(255, 255, 255) 0.06em 0px, rgb(255, 255, 255) -0.06em 0px, rgb(255, 255, 255) 0.09em 0px, rgb(255, 255, 255) -0.09em 0px, rgb(255, 255, 255) 0.12em 0px, rgb(255, 255, 255) -0.12em 0px, rgb(255, 255, 255) 0.15em 0px, rgb(255, 255, 255) -0.15em 0px; background-image: linear-gradient(rgb(0, 141, 200) 50%, rgba(0, 0, 0, 0) 50%); background-repeat: repeat-x; background-size: 2px 0.125em; background-position: 0px bottom;">a dispute led to a legal battle</a>.</li><li style="position: relative; padding-left: 35px; margin-bottom: 20px;">A number of other startups, including Musk's Boring Company, also are working on hyperloop.</li></ul><p style="margin: 0px 0px 20px; padding: 0px; font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; line-height: 1.75;">The company rebranded as Virgin Hyperloop One following a recent investment from Virgin Group, through which Richard Branson took a regular board seat. Branson's new agreement to become chairman was key to obtaining the financing, per a source. One of the co-chairs he replaces is Shervin Pishevar, who resigned from the board following sexual harassment allegations unrelated to the company.</p><p style="margin: 0px 0px 20px; padding: 0px; font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; line-height: 1.75;">The new money comes from two existing investors: Russia's Caspian Venture Capital and Dubai's DP World. Not only does the deal let Virgin Hyperloop One stay afloat, but it also helps the company maintain ties in two geographic regions — Russia and the middle East — where it would like to sign contracts in 2018.</p><p style="margin: 0px 0px 20px; padding: 0px; font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; line-height: 1.75;">Virgin Hyperloop One did not return requests for comment.</p></div>