There are a number of startups working on Elon Musk's Hyperloop, a tube-based travel concept that moves pods at the speed of sound, but none are gathering quite the momentum of Hyperloop One. The company has today announced US$85 million in new funding, as it looks to move forward with the development of routes around the world.

The new funding announcement comes hot on the heels of the Hyperloop One Global Challenge, which wrapped up last week and highlighted 10 high-potential Hyperloop routes at various locations around the world. While Hyperloop One is conducting feasibility studies in a number of different countries, this competition drew ideas from the public, with the winning entries all boasting well-defined routes, strong business cases and support from public and private stakeholders.

The $85 million comes from both new and existing investors and brings the total cash raised by Hyperloop One since its inception to $245 million. The company's other milestones along the way include the construction of a full-scale test track in Nevada, the construction of a full-scale passenger pod prototype, and shuttling said pod along said test track at more than 300 km/h (186 mph).

Hyperloop One says it is now focused on commercializing and developing the most promising routes in the world. One of the winning proposals from the Global Challenge connected the city of Denver with nearby urban centers along the Southern Rocky mountains. The company says this has led directly to an agreement with the Colorado Department of Transportation to conduct a feasibility study, exploring the potential of a Hyperloop system in the state.

"I'm excited to see how far we've come in the past year, not just on the technology, but on our path to commercialization," said Brent Callinicos, COO and CFO of Hyperloop One. "The fact that we have made so much progress with governments around the world speaks to the transformative nature of Hyperloop One's technology and the material transportation and societal benefits it unlocks. The demand expressed by investors in this round highlights how far we've come in such a short period of time."

View gallery - 7 images