The Swiss Hyperloop pioneer Swisspod, just secured its latest equity round of funding by 5 top-tier investors, including ACE & Company, a global investment group that has been an early investor in many successful technology and innovation companies, including SpaceX. The financing will enable Swisspod to boost its R&D efforts, primarily in Pueblo, Colorado, by setting up the company's second full-scale testing facility to validate key subsystems necessary for Hyperloop development.
The seed round closing builds upon Swisspod's considerable momentum gained from its recent advancements and R&D growth. Earlier this year, the company unveiled Europe's first Hyperloop testing track, developed in a joint effort with The Swiss Federal Institute of Technology Lausanne (EPFL) and The School of Engineering and Management Vaud (HEIG-VD). Located in Switzerland, it offers the first realistic benchmarking test facility in the world for building a Hyperloop system. More recently, Swisspod announced its partnership with TTCI, a subsidiary of the Association of American Railroads (AAR), for the development and construction project of its second Hyperloop test track in the U.S.
The new capital will accelerate the company's progress in experimenting and validating its innovative technological intellectual property assets for its novel propulsion system. At the same time, it will be used for testing critical hypotheses towards building a full-scale Hyperloop cargo capsule, and the operational infrastructure for accurately evaluating the system. In addition, the funds will contribute to the company's continuous growth process and its international expansion strategy.
"We are on the verge of building the fifth mode of transportation that will underpin not only the development of an ultra-fast ground transportation system but also a sustainable one, with just a fraction of the environmental footprint. This is going to be game-changing for the future of mobility and the way our world is connected. We're honored and grateful to have such a strong reinforcement in our mission from industry leaders and organizations. Successfully securing this recent round of funding cements our company's credibility on this emerging market, reaffirms our team's advanced engineering capabilities and dedication, and positions Swisspod for the future", states Denis Tudor, Co-founder & CEO of Swisspod.
Strong Strategic Support Stimulating Innovation for The Future of Mobility
The important steps forward made by Swisspod this year, the company's vision, and its team's borderless capability to build a sustainable, more efficient Hyperloop-enabled future, were pivotal for attracting new investors and completing this seed investment round.
“We are excited to join Swisspod’s journey going forward and support the team in creating the leading standard in the Hyperloop industry, which is set to shape the future of efficient high-speed mobility. Switzerland has the history and the talent that will continue to drive the development of the technology and infrastructure at a global scale. We are highly impressed with the Swisspod team, which has systematically delivered on its technical and operational milestones, leveraging its early wins at the SpaceX Hyperloop Pod Competitions,” says Adam Said, CEO of ACE & Company. With a track record of sourcing and supporting innovative emerging technology companies worldwide, the group's extensive portfolio features leading players in a number of sectors, including SpaceX, SOPHiA Genetics, Uber, and Airbnb.
"I am tremendously impressed by Swisspod’s ability to execute on technical milestones, with rapid growth planned for the next years. This will likely result in significant investor interest to follow as Swisspod solidifies its leading position in the Hyperloop space", says Robert Karsunky, one of Swisspod's early investors, contributing to multiple rounds, and the Head of Latin America and Canada at Novartis Pharma, previously the CFO, Pharma, of the global pharmaceutical company.
"We are thrilled to partner with Denis and the Swisspod team in an exciting journey towards a more sustainable transportation mode for goods and people. Climate change is an existential and universal problem the world is facing now and - if left unchecked - irreversibly in the near future. Supporting innovative technologies for efficient and sustainable mobility systems is a great opportunity for us to contribute to a better and more equitable future", adds Diana Dram of READ-HP Investments, one of the investors joining this round.
In addition to the support from the private sector, Swisspod also benefits from the endorsement of the Swiss Government. The company and its partners from EPFL and HEIG-VD were offered this year an Innosuisse grant which was employed for ramping up the development of the Hyperloop Testing Facility in Switzerland, as well as the groundbreaking propulsion system for high-speeds on long distances.
(Press release)
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