Boring Company had launched its commercial tunnel project in Las Vegas last June to transport visitors through the city’s Convention Center using human-driven Tesla vehicles.
Elon Musk’s The Boring Firm has secured $675 million in a Series C investment round, valuing the tunnelling company at $5.675 billion, the company announced on Wednesday, adding that the cash will be used to increase employment across industries.
The Austin, Texas-based company said the funding round was led by Vy Capital and Sequoia Capital, with participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth. It plans to expand its workforce in engineering, operations, and production to scale up its Loop projects.
The company is doubling down on building the future in the country, Aggarwal said, denying reports that he is stepping away from day-to-day management and giving CFO Arun GR a bigger role.