The Boring Company, Tesla CEO Elon Musk’s project to build underground highways to alleviate traffic congestion, has raised a $675 million Series C round, bringing its valuation up 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 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.
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 in the city of sin. Operation on the updated Vegas loop should commence this year, according to the company.
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