Oct 13 (Reuters)– Los Angeles- based business Hyperloop One, which is establishing modern technology for an advanced transportation system, stated it had actually increased an added $50 million as it plans for a major examination of a Hyperloop system in the very first quarter of 2017.

A Hyperloop includes making use of magnets to rise cases inside an airless tube, developing problems in which the drifting cases can shuttle bus individuals and also freight at rates of as much as 750 miles per hour (1,200 kph).

The idea came from a paper by Tesla Motors Inc Chief Executive Elon Musk in 2013, that visualized it blending travelers from Los Angeles to San Francisco in half an hour.

Hyperloop One obtained its newest round of financing from DP World Group ofDubai The $50 million takes its complete financing to $160 million.

DP World Group, whose president is additionally signing up with Hyperloop One’s board, authorized an arrangement with the business in August to check out a Hyperloop system to relocate containers from ships anchored at its front runner Port of Jebel Ali to a brand-new inland container depot in Dubai.

Los Angeles- based Hyperloop One has actually formerly obtained financing from the similarity 137 Ventures, Khosla Ventures, the French National Rail Company and also GE Ventures.

Former Uber Chief Financial Officer Brent Callinicos was additionally designated as a full time consultant to Hyperloop One Chief Executive Rob Lloyd and also the board.

There are presently no performance Hyperloops throughout the globe, and also doubters question if the modern technology can ever before make the jump from sci-fi to fact. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta)

( c) Copyright Thomson Reuters 2016.