The Boring Company, the company of Elon Musk who wants make urban areas more fluid with tunnels aimed at freeing up the main arteries of urban areas, has just raised 620 million euros ($675 million). This new funding round allows the company to reach a valuation of 5.2 billion euros.
Elon Musk’s company raises an additional 620 million euros
According to a spokesperson for The boring Company, this new fundraising will be used to recruit new talent in the various departments of the company. The Austin, Texas-based company plans to to increase its workforce in the fields of engineering, operations and production, in order to intensify its efforts to build its tunnels under several major American cities. Several funds participated in this new round: Vy Capital, Sequoia Capital, Valor Equity Partners, Founders Fund, 8VC, Craft Ventures and DFJ Growth.
Apple used 18% recycled materials in its devices in 2021
Elon Musk wants to revolutionize mobility in major cities around the world. In October 2021, the boss of SpaceX and Tesla obtained all the necessary authorizations to build the Vegas Loop. The first tunnels of The Boring Company are already operational under Las Vegasthis new authorization should allow the billionaire’s teams to build a 45 kilometer long network with 51 stations under the city.
According to the Clark County statement: “up to 57,000 passengers will be able to pass through its tunnels every hour. It is a chance for the inhabitants of the city who will not even have to contribute to the construction of this project”.
Next objective: deploy the Prufrock-3
After a first fundraising in 2018 for The boring Company, this new funding round should also make it possible to accelerate the research and development of the Prufrock, a new generation machine for digging tunnels. This automated machine is capable of continuously dig tunnelswithout the engineers needing to be present on the ground.
The Prufrock-2 version that is currently in use can dig at a rate of 1.6 kilometers per week. The company estimates that a tunnel the length of the Las Vegas Strip can be completed in a month. The next generation of this machine, the Prufrock-3, is designed to dig a tunnel at a speed of 11 kilometers per day.