Tech billionaire Elon Musk’s Boring Company has raised $675 million in the Series C round, bringing its valuation up to $5.7 billion.
Boring Company is Musk’s project to build underground highways to alleviate traffic congestion.
The round was led by Vy Capital and Sequoia Capital, with participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth.
The company said it will use the funds to significantly increase hiring across engineering, operations and production in order to build and scale Loop projects and accelerate the research and development of Prufrock, the company’s next-generation tunnelling machine.
