Hyperloop One Raises $50 Million, Hires Former Uber CFO

Hyperloop One Raises $50 Million, Hires Former Uber CFO
Advertisement

Hyperloop Technologies Inc., a Los Angeles-based company building a futuristic transportation system, said it raised $50 million (roughly Rs. 334 crores) in convertible-debt financing and hired Uber Technologies Inc.'s former chief financial officer.

DP World Group of Dubai, one of the world's largest ports operators, led the funding round, with its chairman and chief executive officer Sultan Ahmed bin Sulayem taking a Hyperloop board seat. The company, known as Hyperloop One, has now raised $160 million.

CEO Rob Lloyd, a former Cisco Systems Inc. executive, has made finding a chief financial officer and new strategic partners top priorities since joining the company last year. Hyperloop One already works with organizations such as French railway SNCF and engineering giant Arup Group.The new hire, former Uber CFO Brent Callinicos, will serve as a full-time strategic adviser, the company said in a statement. Previously, he worked as vice president, treasurer, and chief accountant at Google, and also held various roles in finance at Microsoft Corp.

Uber and Hyperloop share an investor in Sherpa Capital's Shervin Pishevar, who co-founded Hyperloop and is a board observer at Uber.

Hyperloop is working on technology that would use magnetic levitation in low-pressure tubes to transport people and goods at airplane-like speeds. It is battling a lawsuit from former employees whose charges range from defamation to breach of fiduciary duty, and has, in turn, filed counter lawsuits against them.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

IBM, Google, Others to Unveil Open Data Centre Interface to Take on Intel
Google-Branded Smartwatches Tipped to Launch in Q1 2017, Run Android Wear 2.0
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »