Elon Musk's Boring Company raises $675 million to scale Loop projects

Tech billionaire Elon Musk's Boring Company has raised $675 million in the Series C round, bringing its valuation up to $5.7 billion.

Boring Company is Musk's project to build underground highways to alleviate traffic congestion.

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 across engineering, operations and production in order to build and scale Loop projects and accelerate the research and development of Prufrock, the company's next-generation tunnelling machine.

"Please consider working at The Boring Company! Our goal is to solve traffic, which plagues every major city on Earth," the Tesla CEO wrote on the micro-blogging site while retweeting the news.

In October, The Boring Company (TBC) received initial approval to build a transportation system that would shuttle passengers in Tesla vehicles via a network of tunnels under Las Vegas beyond its current 1.7-mile footprint that currently connects the Las Vegas Convention Center (LVCC) campus to a 29-mile route that would hit all the best tourist spots.

Operation on the updated Vegas loop should commence this year, according to the company.

--IANS

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