TransPod, a startup building a hyperloop system to disrupt commercial transportation, today announced it has secured $15 million in seed funding from Angelo Investments, an Italian high-tech holding group specializing in advanced technologies for the railway, space, and aviation industries.
The Toronto startup says the funding will be used to position the company for increased global growth as it looks to produce a commercially viable product by 2020.
Angelo Investments is focused on long-term investments in high-tech sectors.
“Our current modes of transportation are antiquated and financially, economically, and environmentally unsustainable,” said Sebastien Gendron, founder and CEO, TransPod. “We’re limited in our mobility, having to make choices based on how long it takes to commute. We’re also limited in our efficiency, as businesses have to make decisions about cargo transportation and product delivery based on price.”
TransPod will use the funding to open Canadian and Italian operations in the first half of 2017, grow its team, and invest in research and development. It will seek support from the federal and provincial governments of Canada to prospect and build a test track in Ontario.
“Hyperloop will offer a viable and environmentally friendly solution with affordable high-speed transportation,” said Gendron. “Here at TransPod, we’re dedicated to making this a global reality with our leading proprietary design and innovative approach to the technology.”
This partnership will also leverage the expertise and technical capabilities of Angelo Investments’ member companies.
Hyperloop will offer a viable and environmentally friendly solution with affordable high-speed transportation. Here at TransPod, we’re dedicated to making this a global reality with our leading proprietary design and innovative approach to the technology.”
TransPod presented a full concept of its hyperloop pod at InnoTrans, a trade show for rail transport technology, in September.
“TransPod is leading the pack in building the framework by which we will virtually shrink distances to connect people, cities, and businesses,” said Vito Pertosa, founder, Angelo Investments. “Angelo Investments is focused on developing truly innovative industry-leading technologies, so partnering with TransPod was a natural fit.”
With hyperloop, driverless pods carrying passengers or cargo will travel through tubes between major cities at speeds that are 50% faster than airplanes and 300% faster than trains.
TransPod was founded in 2015.