RIYADH: Elon Musk’s infrastructure and tunnel construction services company The Boring Co. has secured $675 million in a funding round, bringing its valuation to $5.6 billion, according to Bloomberg.
The funding round was led by global technology investment firm Vy Capital, as well as American venture capital firm Sequoia Capital. Other investors include Valor Equity Partners, Founders Fund, among others.
The firm, which aims to ease the pain of traffic through constructing transportation networks in deep underground tunnels, is aiming to expand in other cities in addition to Las Vegas.
Accordingly, the firm will utilize the amount raised to significantly increase hiring.
“Boring’s technology is now past the state-of-the-art, and improving at an exponential rate,” Bloomberg reported, citing Sequoia Capital’s Shaun Maguire.
The recent funding round comes three years after the firm raised as much as $120 million at a valuation of $920 million.
The new funding round also indicates that the company is planning to integrate its tunnels into new building projects.
