Elon Musk has locked in $120 Million in the new round of funding for The Boring Company, the tunnel-burrowing program he envisioned back in 2016 while sitting in Los Angeles traffic. It is the first finance from outside to come into the firm, although some of it is from a friendly organization. The latest finance comes from Steve Jurvetson, the venture capitalist who has a seat on the panel of directors for both SpaceX and Tesla.
The $120 Million was lifted by selling the stock for The Boring Company, and as per a spokesperson, buyers are early-phase venture companies Craft Ventures, 8VC, Valor Capital, Vy Capital, and DFJ. The new funding increases the amount of money created by the tunneling firm more than 2 times so far. The firm lifted $113 Million in 2018, although 90% of that arrived from Musk himself.
Musk established The Boring Company up with assistance from SpaceX. The firm’s first test tunnel was partially developed by SpaceX workers “with the help of equipment brought with SpaceX funds,” as per media reports. That set up reportedly rubbed some SpaceX sponsors the incorrect way, although it fits Musk’s model of mixing the interests of his firms.
On a related note, earlier The Boring Company landed its first commercial deal: a $48.7 Million contract to develop an underground transportation system surrounding the Las Vegas Convention Center. The project has been named as the CWPM (Campus Wide People Mover) since its major purpose is to transport people surrounding the facility.
Authorities invented the project to go with the LVCC’s extension. The whole plant will spread 200 Acres after all development is done, and people might have to walk 2 miles to go from one side to the other. The “LVCC Loop” of The Boring Company can take event members to their destination much quicker.