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Richard Branson Named as New Chairman of Virgin Hyperloop One

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Published on : Dec 19, 2017

On Monday, Dec 18, 2017, Virgin Hyperloop One made an announcement that it has secured a US$50 mn investment in its latest financing round. The company also named the Virgin group's founder, Richard Branson, as its non-executive chairman. Earlier, in a bid to modify its corporate image, the enterprise rebranded itself as Virgin Hyperloop One, after attaining a massive investment from the Virgin group in October, 2017. Branson has been offered the board chairman seat in the firm as a result of this investment.

The funding raised on Monday was from the existing investors, DP World and Caspian Venture Capital. With this investment, the total capital raised by Virgin Hyperloop One has touched US$295 mn since its establishment in 2014. The appointment of Branson as the chairman happened at a time when the co-founder of the firm, Shervin Pishevar has been asked to step down from the board following the allegations of sexual misconduct, which, Pishevar has profoundly denied. Virgin Hyperloop One has developed super transportation systems with extremely high speed, which are projected to reduce the travel time between Washington and New York to nearly half an hour.

Elon Musk, the American entrepreneur, originally conceived the idea of Hyperloop One. Shervin Pishevar, the co-founder and executive chairman of Hyperloop one, and Josh Giegel, the president of engineering at the company, have worked at Branson’s space firm, Virgin Galactic, in the past. Currently, Hyperloop One is carrying out a number of projects in Europe, the Middle East, Canada, and India.