Hyperloop One Inc. has good news. The company hired a new financial executive officer and successfully raised $50 million in financing. The former Chief Financial Officer of Uber Technologies, Brent Callinicos, has joined Hyperloop One as an advisor, to help fund the company’s futuristic transportation ideas.
Chief Executive Officer Rob Lloyd said in an interview, “I’ve only been here a year but the things we’ve accomplished in that year, the talent of the team, it’s exciting to be on track to show the world a prototype in the first quarter of 2017.”
Lloyd also discussed the project the company has in Dubai, explaining “We’ve got a team on the ground in Dubai, working with the government body that regulates all transportation systems in Dubai, in the Emirate… Things are looking good but we’ve got more work to do.”
The concept of a Hyperloop transportation was originated by Tesla (NASDAQ: TSLA) CEO Elon Musk, who presented a paper with illustrations explaining the concept in 2013. The futuristic train can transport passengers from Los Angeles to San Francisco in about 30 minute. Musk explained it as “a cross between a Concord, a rail gun and an air hockey table.” The hyperloop technology is based on pneumatic tubes, which is not a new idea. In the 18 hundreds the Victorians used pipeline systems to deliver telegraphs to nearby buildings through networks of tubes by compressed air. The same idea is used today in several hospitals to transport documents, and medications more efficiently.