Virgin billionaire Richard Branson is taking up Hyperloop One chairman role

Hyperloop achieved a speed test record of 240 miles per hour during its third phase of testing.                  Virgin Hyperloop One

Virgin didn't participate in this round, but Richard Branson was made the chairman of the board at the same time as the closing.

Virgin Hyperloop One concurrently announced a new investment of $50 million, ahead of its official series-C fundraising, from two existing foreign investors and, as an uncommon practice, agreed to share a portion of future profit.

"The recent investment by our partners Caspian Venture Capital and DP World sets up the company to pursue opportunities in key markets in the Middle East, Europe and Russian Federation as it develops game-changing and innovative passenger and cargo ground transport systems", Branson said in a statement.

If it comes to fruition, Hyperloop has the potential to revolutionize transportation around the world. According to the Hyperloop One website, the company has raised $295 million since its founding in 2014. "We are so proud to have investors who consistently step up to support our company and our vision". It has travelled at more than 200 miles per hour in tests but fully working pilots have yet to be proven.

The new speed was achieved using a new airlock which helps transition test pods between atmospheric and vacuum conditions.

By combining magnetic levitation, extremely low aerodynamic drag, and the level of air pressure experienced at 200,000 feet above sea level, the system proved that it is capable of reaching airline speeds over long distances.

On Monday Virgin Hyperloop One announced a new record for its prototype pod-387kph (or 240mph). Several Indian states are participating in feasibility studies for the new technology.

The combination of a near-vacuum tube combined with magnetic levitation is created to minimize friction. A spinoff company, called VOX Space, is working to do the same for government customers in Manhattan Beach.

Pishevar was further embroiled in controversy this month when multiple women accused him of sexual misconduct. All components worked, including a new airlock.

The company had earlier rebranded itself as Virgin Hyperloop One following an investment from Virgin Group in October this year. "I have not spoken to any reporters about Mr. Pishevar or any aspect of his life, including his personal, business, or political life".



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