Musk's Tunneling Startup Boring Raises 800 Billion Won Funding

Published 21 Apr.2022 13:53(KST)

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyunjung] The tunneling startup The Boring Company, founded by Elon Musk, has raised approximately $675 million (about 834.9 billion KRW) to expand its business, Bloomberg reported on the 20th (local time).

According to the report, The Boring Company raised $675 million in a funding round led by venture capital firm Vy Capital and major U.S. VC Sequoia Capital. The Boring Company stated that the valuation of this round reached $5.675 billion.

The Boring Company aims to solve traffic problems by building a transportation network in deep underground tunnels. The company has previously installed a tunnel system at the Las Vegas Convention Center and attracted attention earlier this year at the CEO Conference.

The Boring Company plans to expand its business to other cities and said it will use the funds raised this time to significantly increase hiring.

Since its founding in 2016 with a vision of long-distance transportation spanning hundreds of miles, The Boring Company has demonstrated a business model developed over several years. Currently, it is focusing more on short-distance transportation within cities.