LOS ANGELES (CBSLA) — Hyperloop One, the high-speed transportation company that promises to fundamentally change public transportation, has named billionaire Virgin boss Richard Branson chairman.

The company, renamed Virgin Hyperloop One, received an undisclosed amount of money from Branson, in addition to recent investments by Caspian Venture Capital and DP World, a spokesperson said Monday. According to the Hyperloop One website, the company has raised $295 million since its founding in 2014.

“I am excited by the latest developments at Virgin Hyperloop One and  delighted to be its new chairman,” Branson said. “The recent investment by our partners Caspian Venture Capital and DP World sets up the company to pursue opportunities in key markets in the Middle East, Europe and Russia as it develops game-changing and innovative passenger and cargo ground transport
systems.”

The company also said Monday it had reached speeds of 387 km per hour, or roughly 240 miles per hour.

SpaceX and Tesla founder Elon Musk, who invited entrepreneurs to make his Hyperloop proposal a reality, has said the technology could one day transport travelers at speeds of 700 mph. The technology could cut travel time between Los Angeles and San Francisco to 43 minutes, according to the Hyperloop One website.

(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. City News Service contributed to this report.)

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