Elon Musk’s Boring Company raises $675 million to scale Loop projects – TechCrunch

The Boring Company, Tesla CEO Elon Musk’s project to build underground highways to reduce traffic congestion, has raised a $675 million Series C round, bringing the 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 says it will use the funds to significantly increase its engineering, operations and manufacturing workforce to build and scale Loop projects and accelerate research and development of Prufrock, the company’s next-generation tunneling machine. .

In October, The Boring Company (TBC) received its first approval to build a transportation system that would carry passengers in Tesla vehicles through a network of tunnels under Las Vegas beyond the current 2.7-mile footprint that currently occupies the campus of the Las Vegas Convention Center (LVCC) connects to a 29-mile route that would hit the top tourist spots in the city of sin. According to the company, operation of the revamped Vegas loop should begin this year.

While the announcement references other Loop projects in the works, TBC has not yet indicated whether it is pursuing other projects. However, the company mentions that with a higher drilling speed, this type of transport architecture can be applied to intercity, or what TBC calls Hyperloop.

That’s where improvements to Prufrock come in, an automated mining machine that can tunnel into the tunnels continuously and without people on the ground. 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, which is approximately four miles long, can be completed in a month.

The next generation, Prufrock-3, is designed to tunnel at a speed of 11 kilometers per day.

“In the short term, if each Prufrock-2 mine at 1 mile/week and TBC produces 1 new Prufrock machine per month, then TBC will introduce 600 miles/year of capacity,” the company said in a statement. “As a reference point, less than 20 miles of underground subway tunnel has been built in the United States in the past 20 years.”

This post Elon Musk’s Boring Company raises $675 million to scale Loop projects – TechCrunch was original published at “https://techcrunch.com/2022/04/20/elon-musks-boring-company-raises-675m-to-scale-loop-projects/”

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