Elon Musk has raised $ 120 million in new funding for The Boring Company, the tunnel-digging project he devised in 2016 in traffic in Los Angeles. It is the first external money to come into The Boring Company, although part of it is a friendly party: venture capitalist Steve Jurvetson, who sits on the boards of directors of both Tesla and SpaceX. The news was first reported by Bloomberg.
The $ 120 million was raised by selling shares of Boring Company, and according to a spokesperson, buyers are early venture companies 8VC and Craft Ventures, Vy Capital from the United Arab Emirates, Valor Capital and DFJ – the company Jurvetson was expelled in 2017. The new financing is more than double the amount of money generated so far by the starting tunneling. Company raised $ 113 million last year, although 90 percent of that came from Musk itself. (Musk in particular also sold merchandise to finance The Boring Company, such as flame throwers.)
Musk built The Boring Company with the help of SpaceX. The company's first test tunnel, which we drove through last December, was partially built by SpaceX employees "using equipment purchased with SpaceX funds," according to The Wall Street Journal. It is said that some SpaceX investors have gone the wrong way, although it fits in with Musk & # 39; s pattern of combining the interests of his companies.
Although it is still in its infancy, Musk has pursued a number of deals for The Boring Company. The most successful to date came when the Las Vegas Convention and Visitors Authority approved a $ 48.6 million proposal from The Boring Company in May. LVCC loop. It extends below the Las Vegas Convention Center and has three stations and a separate pedestrian tunnel.
Other activities have caused more problems. A proposal to build two 18-mile tunnels between Chicago city center and O & Hare International Airport is in motion because the new mayor of the city is not a fan of the project. Musk scraps plans for one high-speed tunnel in West Los Angeles, although he still strives to build one brings fans to Dodger Stadium. And the company recently released a report of more than 500 pages detailing details of its plans for a high-speed connector between Washington, DC and Baltimore – a scaled-down version of its original plan to build an underground hyperloop that New York City would connect to the capital of the country.
The company's designs have also undergone a number of iterations. Musk originally intended for The Boring Company to use sledges to move cars & pods through a network of underground tunnels. But now his plans revolve around building smaller tunnels where autonomous Tesla & # 39; s bring passengers to their destinations.