Hyperloop developer TransPod raises $20 mln in seed funding

High-speed transportation startup TransPod Inc has secured about $20.2 million (US$15 million) in seed-stage financing. The round's investor was Angelo Investments, an Italian venture capital firm focused on transportation technologies. Founded last year by CEO Sebastien Gendron and CTO Ryan Janzen, Toronto-based TransPod is developing a high-speed hyperloop transportation system to connect people, businesses and cities. It will use the funds raised to begin Canadian and Italian operations in 2017, grow its team of engineers, and invest in R&D. TransPod will also seek government support to build a test track in Ontario.

CanadaNorth AmericaBriefs