LOS ANGELES–You can’t say they don’t have ambition. When the small team behind Hyperloop Technologies says you will be able to live anywhere, and work anywhere, it is more than typical tech-sector hyperbole. They mean it.
Hyperloop is a transportation system in which a full-length tube is built between destinations, with a controlled environment inside the tube allowing people or cargo to travel at extremely fast speeds.
Last week, the former president of Cisco Systems, Rob Lloyd, was named CEO.
“This is an incredible opportunity to dramatically impact the trillion-dollar transportation industry – Hyperloop is the fifth mode of transport, and will be the most efficient transportation network ever seen,” said Lloyd.
Hyperloop is part of Elon Musk’s ambitious plans to fundamentally reshape our world.
Hyperloop has over 50 full-time employees occupying over 55,000 sq.ft. at the company’s three-acre, three-building campus in the downtown Los Angeles Arts District.
The company describes the project as a “multi-decade effort and movement.” As the new CEO, Lloyd will ensure the company’s Test Track is operational by early 2017, and develop the systems and a family of products that will be “ready, proven and commercially viable” by 2020. Watch for Hyperloop to announce significant technology developments and partnerships over the course of the next year.
Hyperloop Technologies raised $10 million from investors in 2014 and is currently raising an additional $80 million.