According to the latest report, the Boring Company, Tesla CEO Elon Musk’s project to build underground highways to ease traffic congestion, has raised $675 million in Series C financing, making it estimated valued at $5.7 billion.
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The round was led by Vy Capital and Sequoia Capital, with participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth. Boring said it will use the funds to significantly increase hiring in engineering, operations, and production to build and expand the Loop project and to accelerate the development of the company’s next-generation tunneling machine, the Prufrock.
In October, the Boring Company (TBC) received preliminary approval to build a transportation system that will shuttle passengers between passengers through a network of tunnels under Las Vegas, forming a 29-mile route that will pass all the best tourist spots, the updated Las Vegas Loop should start operating this year.
According to TBC, the tunnel machine Prufrock-2 can dig a mile a week (about 1.61 kilometers) in length, a tunnel the length of the Las Vegas Strip, which is about 4 miles (about 6.44 kilometers), can be dug in a month completed within. The next generation, the Prufrock-3, is designed to dig at 7 miles per day.
Moreover, Boring’s goal is to build a transportation network that can “solve traffic problems” by building underground tunnels.
