Hyperloop is working on technology that would use magnetic levitation in low-pressure tubes to transport people and goods at airplane-like speeds. Photo: ReutersSan Francisco: Hyperloop Technologies Inc., a Los Angeles-based company building a futuristic transportation system, said it raised $50 million in convertible-debt financing and hired Uber Technologies Inc.’s former chief financial officer. The company, known as Hyperloop One, has now raised $160 million. Hyperloop One already works with organizations such as French railway SNCF and engineering giant Arup Group.The new hire, former Uber CFO Brent Callinicos, will serve as a full-time strategic adviser, the company said in a statement. Hyperloop is working on technology that would use magnetic levitation in low-pressure tubes to transport people and goods at airplane-like speeds.

Source: Mint October 14, 2016 11:26 UTC