Recently, Hyperloop One announced that it would name billionaire Sir Richard Branson as a chairman, while adopting the "Virgin" moniker at the beginning of the company name. Now, as the Virgin Group founder takes his seat at the table, Virgin Hyperloop One has announced that it not only secured an investment worth $50 million, but it also set a new speed record for its tubular transport system.

In its third phase of testing, the test pod achieved a top speed of 240 miles per hour at the company's DevLoop test track. Previously, we had seen a Hyperloop One pod hit 192 mph, before being bested by a non-passenger pod from the University of Munich that surpassed 200 mph at the SpaceX test track. This latest test employed a new airlock, which helped the tube transition to internal pressures as low as one would experience at 200,000 feet above sea level, Virgin Hyperloop One said.

The $50 million investment comes from Caspian Venture Capital and DP World. So far, Virgin Hyperloop One has raised a total of $295 million since 2014. This latest investment arrives ahead of a Series C round of funding, so we can expect that total to rise again soon. In addition to raising money and continuing tests, Virgin Hyperloop One's CEO Rob Lloyd said, "Our focus in 2018 will be on accelerating commercial agreements for both passenger and cargo projects."

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