The Boring Company has announced they just raised $675 million in a Series C funding round. It was led by Sequoia Capital and Vy Capital. Other investors including DFJ Growth, 8VC, Valor Equity Partners, Founders Fund and Craft Ventures participated in the round.
In their press statement, the company noted that the funds will help them significantly increase hiring across several positions including production, engineering and operations.
This will also help them to build and scale Loop’s project and also accelerate the research and development of Prufrock, the company’s next-generation Tunnel Boring Machine.
The Boring Company was founded in 2016 and sometime in October, they received an initial approval that enable them to build a transportation system that would shuttle passengers in Tesla vehicles via the network of tunnels under Las Vegas.
Their next-generation boring machine, Prufrock-3, is designed to tunnel at seven miles per day.