The Boring Company is an infrastructure and tunnel building start-up. It aims at facilitating an underground transportation system by digging tunnels deep underground. The Boring Company already has a tunnel system at the Convention Center in Las Vegas, and passengers there were already ferried at the CES conference this year.
The Series C funding round was led by Vy Capital and Sequoia Capital. Among other investors were Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth. The previous round was held three years ago. Boring’s “technology is now past the state-of-the-art, and improving at an exponential rate,” Shaun Maguire, Sequoia Capital. The Boring Company plans to use the money raised for expansion in some years and hire new employees across engineering, production, and operations.
The Boring Company, Austin, the USA, was founded by Elon Musk in 2016. In the coming years, the company is going to build and scale Loop projects and accelerate the R&D of Prufrock, the next generation’s tunneling machines. This is a machine that can continuously tunnel without human help. Now, Prufrock-2 can tunnel 1 mile per week. The machine’s next version, Prufrock-3 is able to tunnel 7 miles per day. “In the short term, if each Prufrock-2 mines at 1 mile/week, and TBC produces 1 new Prufrock machine per month, then TBC will be introducing 600 miles/year of capacity,” the company said.