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Hyperloop One Raises $50 Million

Hyperloop Technologies Inc., a Los Angeles-based company building a futuristic transportation system, said it raised $50 million in convertible-debt financing and hired Uber Technologies Inc.’s former chief financial officer.

DP World Group of Dubai, one of the world’s largest ports operators, led the funding round, with its chairman and chief executive officer Sultan Ahmed bin Sulayem taking a Hyperloop board seat. The company, known as Hyperloop One, has now raised $160 million.

Hyperloop is working on technology that would use magnetic levitation in low-pressure tubes to transport people and goods at airplane-like speeds. It is battling a lawsuit from former employees whose charges range from defamation to breach of fiduciary duty, and has, in turn, filed counter lawsuits against them.

Bloomberg (13 October)