By
Bena Ilyas
April 23rd, 2024
The acquired funds from the Series C round are billed to be used to scale up the company’s Loop project as it fosters the development of safe, fast-to-dig, and low-cost transportation, utility, and freight tunnels.
The Boring Company (TBC), a transportation startup founded by Elon Musk has raised the sum of $675 million in a Series C funding round from investors led by Vy Capital and Sequoia Capital, with participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth. As announced by the company, the new round now places the company at a $5.675 billion valuation, a figure that is sufficient as liquidity to power some of its inaugural projects.
Beginning with California, Elon Musk hopes to solve the transportation challenges of the world, and he believes creating a functional network of tunnels is one of the best ways to achieve this goal. The Boring Company has a lot of distinct missions, and one of these is to beautify Cities by preserving some of the valuable land areas that are being converted into roads that eventually become traffic congested.
“In many major cities around the world, roads take up an extraordinary proportion of available real estate, often monopolizing an astounding 20% to 30% of space, and up to 60% if you include parking. By placing transportation systems underground, valuable surface land can be used for pedestrians, green spaces, and recreation,” the company said in its mission statement.
In a bid to help actualize its core goals, the Boring Company said a number of strategic partners in the real estate industry are also joining the funding round. Some of these include Brookfield, Lennar, Tishman Speyer, and Dacra.
The acquired funds from the Series C round are billed to be used to scale up the company’s Loop project as it fosters the development of safe, fast-to-dig, and low-cost transportation, utility, and freight tunnels.
The Boring Company and Its Loop Technology
Loop is one of the two core projects that The Boring Company is currently focusing on. Loop is designed as a transportation system through which passengers are commuted from one location to another specific location without any intermediate stops. The Loop system is a high-speed, low-cost, and zero-emission public transportation network.
The Boring Company’s first Loop project is the Vegas Loop and was approved back in October last year by the Clark County Commissioners. The Vegas Loop is christened the “largest subsurface transportation project,” in the United States with a stretch of 29 miles across Vegas. The Vegas Loop connects as many as 51 stations and at its peak is projected to target as many as 57,000 passengers per hour.
“Vegas Loop will enable safe, low cost, and high-speed transportation throughout Las Vegas, targeting throughput of up to 57,000 passengers per hour. For end-users, this means a trip from Harry Reid International Airport to any major destination on the Las Vegas strip in 5 minutes or less with zero stops. This also translates to less congestion overall on traditional surface roads,” the company said.
The Vegas Loop tunnel network is being dug with TBC’s Prufrock Machine, next-generation machinery that helps to dig tunnels within weeks instead of years.