TransPod, which wants to build a “world-leading” hyperloop, announced a $20 million seed round to continue supporting its efforts.
The funding came from Angelo Investments, an Italian high-tech holding group specializing in advanced technologies for the railway, space, and aviation industries. The funding will be used to position the company for increased global growth as it continues to focus on producing a commercially viable product by 2020.
Angelo Investments focuses on long-term investments in high-tech sectors, and collaborates hands-on with companies in the design and execution phases of strategy and product development.
“Our current modes of transportation are antiquated and financially, economically, and environmentally unsustainable,” said Sebastien Gendron, founder and CEO of TransPod. “We’re limited in our mobility, having to make choices based on how long it takes to commute. We’re also limited in our efficiency, as businesses have to make decisions about cargo transportation and product delivery based on price. Hyperloop will offer a viable and environmentally-friendly solution with affordable high-speed transportation.”
TransPod plans to open Canadian and Italian operations in the first half of 2017, grow its engineering team, and invest in research and development. It will seek support from the federal and provincial governments of Canada to prospect and build a test track in Ontario, Canada.
In September 2016, TransPod presented a concept of its hyperloop at InnoTrans. The company also announced a partnership in May with Mersen, a company that works in electrical power and advanced materials, to develop cooling technology designed specifically for transportation in a vacuum environment.
TransPod said it has been focused on developing and proving proprietary designs that alleviate both immediate and long-term issues inherent in technology proposed to date, such as passenger comfort and operational performance. The company plans to release its benchmark results to the public at a later date.