Elon Musk’s The Boring Company has secured a serious investment. According to a securities filing detailed by Bloomberg, tunneling company recently approved the purchase of $120 million in stock, which is in addition to the $113 million it raised last year.
&ldquoWe are delighted to be an investor in Boring,” venture capitalist from Future Ventures and director on the boards of Tesla and Space X, Steve Jurvetson explained. “Boring is a excellent illustration for. ”
According to The Boring Company, the business is valued by this shot of money . Among the chief investors are 8VC, Vy Capital, Valor Capital, DFJ, and Craft Ventures.
Despite its value rising, The Boring Company hasn’t really constructed any tunnels besides a test tube close to its headquarters in Hawthorne, California. It nevertheless secured its initial commercial transport contract a couple of months ago and will be tasked with creating a mile-long tubing to shuttle traffic around the Las Vegas Convention Center in a project worth $48.7 million.
In the center of 2018, it was declared that The Boring Company would build a link between Chicago downtown and Chicago O’Hare Airport. The cost of the project was pegged at $1 billion and has been being led by Mayor Rahm Emanuel. The future of the tunnel is currently in doubt, but a proposed project linking Washington D.C. and Baltimore is from the environmental review process.
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