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IPFS News Link • Business/ Commerce

THE BORING COMPANY SERIES C FUNDING ROUND ANNOUNCEMENT

• Boring Company

"Defeating traffic is the ultimate boss battle. Even the most powerful humans in the world cannot defeat traffic."

— Elon Musk

THE BORING COMPANY IS PLEASED TO ANNOUNCE…

Our Series C funding round of $675 million, led by Vy Capital and Sequoia Capital, with participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth. The financing now values The Boring Company at $5.675 billion. 

We are also happy to share that a group of leading real estate partners of strategic importance are also joining the round, including Brookfield, Lennar, Tishman Speyer, and Dacra.

The Boring Company (TBC) was founded by Elon Musk to revolutionize transportation.

The company's mission is to:

Solve Traffic: To solve the problem of soul-destroying traffic, roads must go 3D. Tunnels minimize usage of valuable surface land and do not conflict with existing transportation systems. A large network of tunnels can alleviate congestion in any city.   

Beautify Cities: In many major cities around the world, roads take up an extraordinary proportion of available real estate, often monopolizing an astounding 20% to 30% of space, and up to 60% if you include parking. By placing transportation systems underground, valuable surface land can be used for pedestrians, green spaces, and recreation. 

Enable Rapid Point-to-Point Transportation: Loop is an express public transportation system that resembles an underground highway more than a subway system. If a subway or traditional light rail line had 100 stops, a train would typically stop at each station, so the trip between Stop 1 and Stop 100 would be long. In contrast, Loop passengers travel directly to their destination, anywhere between Stop 1 to Stop 100, without stopping at the intermediate stations. In Las Vegas, for example, if a train stopped at every hotel on Las Vegas Blvd, a trip from the airport to the convention center would take over 25 minutes vs 5 minutes with TBC's system. This transportation architecture can be applied intra-city (Loop) and, with increased boring speed, can be applied inter-city (Hyperloop).

TBC creates safe, fast-to-dig, and low-cost transportation, utility, and freight tunnels. TBC has spent the last 5 years building core technologies designed to solve traffic and beautify our cities via Loop and Hyperloop.


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