Boring Company tunnel

A photo shows the Boring Company tunnel beneath Hawthorne, Calif., as of October 2017. (Boring Company Photo)

A newly reported investment round has brought in $112.5 million for the Boring Company, the venture that billionaire techie Elon Musk created last year to build transit tunnels.

And most of those millions are said to come from Musk.

Documents filed today with the Securities and Exchange Commission say that 31 unnamed investors contributed to the funding round, but Reuters and Recode quote company officials as saying that Musk himself put in more than 90 percent of the money.

The rest came from early employees of the company, according to those reports. The filing lists two executive officers: Jared Birchall, who’s connected to another Musk-supported startup called Neuralink; and Steve Davis, who has served as director of advanced projects at SpaceX, one of Musk’s best-known companies (along with Tesla).

Boring Company representatives didn’t immediately respond to GeekWire’s emailed request for comment.

The Boring Company seemed like a lark when Musk unveiled it to the world last year. It built on his personal fascination with tunnels and rapid-transit schemes like the Hyperloop concept, and he said it took up only about 2 percent of his time.

A lot has happened since then:

Musk laid out a grand plan for transit tunnels not only between the San Francisco Bay Area and Los Angeles, but also between New York and Washington, D.C.
The Boring Company started carving out a tunnel in SpaceX’s parking lot in Hawthorne, Calif., and now it’s trying to do more digging beneath Los Angeles.
Maryland and D.C. officials gave their permission for the Boring Company to start working its way from Baltimore to Washington.
Chicago solicited proposals for a rapid-transit line linking the city center to O’Hare International Airport, and …read more

Source:: GeekWire

      

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