Plans for 2017 include opening global operations and building a test track in Canada
Toronto, Canada – November 23, 2016 – TransPod, the startup that is building the world’s leading hyperloop system to disrupt and redefine commercial transportation, today announced it has secured $15 million USD in seed funding from Angelo Investments, the Italian high-tech holding group specializing in advanced technologies for the railway, space, and aviation industries. The funding will be used to position the company for increased global growth as it continues to focus on producing a commercially viable product by 2020.
Angelo Investments is focused on long-term investments in high-tech sectors and works with talented entrepreneurs and management teams to develop breakthrough technologies. It provides member companies with access to specialized expertise and offers hands-on collaboration throughout the design and execution phases of strategy and product development. With an unwavering focus on innovation and invention, Angelo Investments is committed to helping build industry leaders.
TransPod will use the funding to open Canadian and Italian operations in the first half of 2017, growing its team of top engineers and experts from around the world, 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, Canada.
This partnership will also leverage the expertise and technical capabilities of Angelo Investments’ member companies. SITAEL, Blackshape, and MERMEC, with their unique blend of industry-leading expertise in the space, aviation, and railway industries, will collaborate with TransPod throughout the design, testing, and development of TransPod technologies.
“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.
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, the world’s leading trade show for rail transport technology, in September 2016. The company has been focused on developing and proving proprietary designs that alleviate both immediate and long-term issues inherent in technology proposed to date. Elements ranging from passenger comfort and operational performance to route design, tube pressure, and the pod’s internal systems, are consistently performing well above competitive designs. Specific benchmark results will be released at a later date.
“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. We look forward to working with TransPod to disrupt and improve commercial transportation around the world, and ultimately redefine the way we live and work.”
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, thereby minimizing travel time and improving efficiency. It will change the way people live, by enabling them to live and work virtually anywhere. It will also change the way companies of all sizes, from large companies to small- and medium-sized businesses, conduct operations by allowing them to transport products at high speeds and affordable rates.
TransPod’s goal is to disrupt and redefine commercial transportation between major cities in developed and emerging markets. The startup was founded in 2015 to build the world’s leading hyperloop system to connect people, cities, and businesses with high-speed transportation that is affordable and environmentally sustainable. TransPod is headquartered in Toronto, Canada. For more information, visit www.transpod.com.
For more information, contact:
Dianna Lai Read