The Boring Company raises $675 million to ramp up Loop Projects
Apr 22, 2022 | Mallika Rangaiah
About The Company
The Boring Company is an Infrastructure and tunnel construction business that develops secure, fast-to-dig, and economical transportation, utility, and freight tunnels. Founded by Tesla and SpaceX CEO Elon Musk, the business aims to resolve big-city transportation issues and dig tunnels efficiently to offer an underground transportation network.
The company has been working with cities which include Los Angeles, Chicago and Las Vegas for building tunnels that can take autonomous and electric vehicles from one point to another point.
The company had set up its commercial tunnel project in June, 2021 with the goal of transporting visitors through Las Vegas’s Convention Center by making use of human-driven Tesla vehicles.
The Raise
The Boring Company has raised $675 million in Series C round, which has brought its valuation up to $5.675 billion, as reported by The Economic Times in a funding round led by Vy Capital and Sequoia Capital, with participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth.
The platform aims to use the funding to level up its hiring across engineering, operations and production sectors with the purpose of building and scaling Loop projects and also to speed up the research and development of the business’s next generation tunneling machine - Prufrock.
Apart from The Boring Company’s projects in Vegas, the platform was also approved for a tunneling project in San Bernardino, California and is at the negotiating stage to set up tunnels in San Antonio as well as Fort Lauderdale and San Antonio while awaiting approvals from the City of Austin and Kyle for its project proposals.
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