Elon Musk’s Boring Company Raises $675 Million to Expand Loop Projects – TechCrunch

The Boring Company, the project to build an underground highway to reduce traffic congestion by Tesla CEO Elon Musk, has raised $675 million in a Series C round, raising its valuation to $5.7 billion.

The round was led by Vy Capital and Sequoia Capital, with participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures and DFJ Growth. The company said it will use the funds to significantly increase hiring in engineering, operations and manufacturing to build and expand Loop projects and accelerate Prufrock’s research and development process. the company’s next generation tunneling machine.

In October, Boring Company (TBC) has received initial approval build a transit system that can shuttle Tesla passengers through a network of Las Vegas tunnels beyond the current 1.7 miles, now connecting the Las Vegas Convention Center (LVCC) campus ) with a 29-mile route that will achieve all the best tourist attractions in the sin city. According to the company, work on the updated Vegas loop will begin this year.

While Notification Hinting at other Loop projects being worked on, TBC has yet to say if they are pursuing other projects. However, the company mentions that at an increasing rate of boredom, this type of transportation architecture could be applied to intercity, or what TBC calls a Hyperloop.

That’s when the improvements came to Prufrock, an automated miner that could tunnel continuously and with no humans on the ground in the tunnel. The current iteration, Prufrock-2, can mine at a rate of 1 mile per week, according to TBC. The company boasts that a tunnel the length of the Vegas Strip, about four miles, could be completed in a month.

The next generation, the Prufrock-3, is designed to tunnel at seven miles per day.

“In the short term, if each Prufrock-2 operates at a rate of 1 mile per week and TBC produces 1 new Prufrock machine per month, then TBC will introduce 600 mph capacity,” the company said in a statement. declare. “As a criterion of reference, less than 20 miles of subway tunnels have been built in the United States in the last 20 years.”

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