SkyTran closes bridge loan tied to $30 mln Series B financing

SkyTran, developer of elevated and levitating high-speed rapid-transit systems for people and cargo, closed a Series B financing agreement. In a statement skyTran, based in NASA Research Park at Moffett Field, California, said the accord entailed “execution of a bridge loan tied to a $30 million Series B commitment.” The deal, negotiated and managed by Verita Merchant Bank of Hong Kong, enables skyTran to continue sales efforts and introduce the system worldwide. The company has demo systems in place at the NASA park and in Israel. SkyTran also has backing from Innovation Endeavors, the private venture-capital arm of Google Chairman Eric Schmidt.

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