Reported by CNBC, Virgin Group Ltd. founder, Richard Branson, is investing into Hyperloop One, a super-fast series of tunnels transporting passengers from one destination to another, which was originally conceptualized by Elon Musk, CEO of Tesla and SpaceX.
The Hyperloop One will be renamed into the Virgin Hyperloop One as Branson joins the board, the British entrepreneur told CNBC on Thursday.
Hyperloop One raised $85 million in new funding last month, which now brings the total funds raised to $245 million since it was founded in 2014.
Virgin did not disclose the amount invested into Hyperloop One.
Branson told CNBC’s “Squawk Box” that a commercial hyperloop is possible within the next two to four years if the “governments move quickly.” But, there is still no approval for the hyperloop system yet.
"There are consumers, for instance, that would love to go from London to Edinburgh in roughly 45 minutes. And that will be possible" with a hyperloop, he said. "You can have a pod outside your office that you and your colleagues can jump into. The pod can self-drive to the top of the tunnel. It then goes down the tunnel. It connects up and off you go at 600, 700 miles an hour up to your destination, going faster than an airline."
Hyperloop One Chairman, Shervin Pishevar, told CNBC that with Virgin as an investor, the company will "accelerate the commercialization process but also design the products with the consumer in mind."