Tunnel construction startup The Boring Company raised $675 million in a new round of funding that brings its valuation to nearly $6 billion, the company said late Wednesday.
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The company, founded by Tesla CEO Elon Musk, creates tunnels to facilitate low-cost transportation between locations. Vy Capital led the latest funding round, with participation from investors including Valor Equity Partners, Founders Fund, 8VC, Craft Ventures and DFJ Growth.1
The Boring Company is best known for the Vegas Loop, an electric high-speed public transportation system in Las Vegas. The company’s other major product offering is known as Prufrock, and is intended to construct large infrastructure projects in a span of weeks.
The funding will support hiring across engineering, operations and production to quickly grow loop projects, including the Vegas Loop, and investing in research and development for Prufrock and other projects, according to a statement from the company.
The startup is one of several founded or led by Elon Musk, including Tesla, SpaceX and Neuralink.
The Boring Company last raised $120 million in July 2019, according to Crunchbase.
Illustration: Li-Anne Dias
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