DP World funds $50M to Hyperloop One
TechCrunch, the leading technology website for startups, Internet innovations and latest technology news, DP World's investment of $50 million brings up the total raised by Hyperloop One to $160 million.
Sultan Ahmed Bin Sulayem, DP World's Group Chairman and CEO, is also elected as one of Hyperloop One's Board of Directors.
DP World's press release revealed that as part of its investment, Hyperloop One will benefit from the Dubai-based port operator's proficiency in terms of complex cargo handling operation and the amass experience of the global logistics company which it has accrued across its global portfolio of operating 77 marine and inland terminals supported by over 50 related businesses in 40 countries across six continents with a significant presence in both high-growth and mature markets.
Prior to the announcement of this investment, a recent Memorandum of Understanding between DP World and Hyperloop has been executed to explore the role of innovation in world trade's future through feasibility studies analysing the value of the use of Hyperloop systems in the UAE.
"DP World and Dubai are at the forefront of technological innovation in the transport and logistics industry and we continue to seek opportunities to invest in and utilize our expertise to develop disruptive technology," Sulayem said.
"We are exploring many innovations in our sector and our collaboration with Hyperloop One is just one example illustrating our support of creativity and our commitment to research and development, using technologies to make our operations more efficient. The world is changing quickly and we want to be involved in the potential this kind of innovation presents, connecting markets and economies around the world and realizing our vision to lead the future of world trade."
DP World is a leading enabler of global trade and an integral part of the supply chain. It operates multiple yet related businesses - from marine and inland terminals, maritime services, logistics and ancillary services to technology-driven trade solutions.