Musks Boring Company valued at $5.6 billion after latest funding round

div classBodysc17zpet90 cdBBJodivpReuters – Elon Musks The Boring Company has raised 675 million in Series C funding round, which now values the tunneling enterprise at 5.675 billion, the company said https:bit.ly3jWhfBA on Wednesday, adding that the proceeds will be used to ramp up its hiring across sectors.

The Austin, Texasbased company, which plans to expand its workforce in engineering, operations, and production to scale up its Loop projects, said the funding round was led by Vy Capital and Sequoia Capital, with participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth.pdivdivdiv classBodysc17zpet90 cdBBJodiv

Boring Company had launched its commercial tunnel project in Las Vegas last June to transport visitors through the citys Convention Center using humandriven Tesla vehicles.

Musk, who also leads electric vehicle maker Tesla Inc and rocket company SpaceX, is seeking to revolutionize transportation by sending passengers packed into pods through an intercity system of giant, underground vacuum tubes known as the hyperloop.

Musk had earlier sold Boring Company hats and flamethrowers to raise funds.

Last week, billionaire Musk took aim at Twitter Inc with a 43 billion cash takeover offer. His offer price of 54.20 per share was a 38 premium to Twitters April 1 close, the last trading day before his 9.1 stake in the social media platform was made public.

Reporting by Jaiveer Singh Shekhawat in Bengaluru Editing by Sherry JacobPhillipsp

divdivdiv classBodysc17zpet90 cdBBJodivdivdiv