The South African-born entrepreneur founded The Boring Company in 2016.
Its focus is infrastructure with the goals of creating safe, fast-to-dig, and low-cost transportation, utility, and freight tunnels.
Or rather simply, to solve traffic and enable rapid point-to-point transportation as well as transform cities.
“Defeating traffic is the ultimate boss battle. Even the most powerful humans in the world cannot defeat traffic,”
said Elon Musk.
The company announced this week that it had managed to raise about R10.4 billion ($675 million) raising the company’s value to about R87.8 billion ($5.675 billion).
The purpose is to recruit amazing people, scale-up boring machine production and build thousands of miles of tunnels.
In a statement, the company said the investment drive was led by Vy Capital and Sequoia Capital, with participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth.
As explained by representatives from the company, in order to solve the dilemma of soul-destroying traffic, roads must go 3D.
“Tunnels minimize the usage of valuable surface land and do not conflict with existing transportation systems. A large network of tunnels can alleviate congestion in any city. Additionally, rapid point-to-point transportation is an express public transportation system resembling an underground highway. If a subway had 100 stops, a train would typically stop at each station, so the trip between Stop 1 and Stop 100 would be long. In contrast, Loop passengers travel directly to their destination, anywhere between Stop 1 to Stop 100, without stopping at the intermediate stations,”
explained the company representative.
The transportation architecture can be applied intra-city which is referred to as Loop and can be applied to inter-city, Hyperloop, transportation all in a bid to solve the daily scourge of traffic
Another “boring” mission for the company is to beautify cities. In many major cities around the world, roads take up an extraordinary proportion of available real estate. By placing transportation systems underground, valuable surface land can be used for pedestrians, green spaces, and recreation.
Share on Facebook «||» Share on Twitter «||» Share on Reddit «||» Share on LinkedIn“A group of leading real estate partners of strategic importance are also joining the round, including Brookfield, Lennar, Tishman Speyer, and Dacra,” s
aid the representative of the Boring Company.