The new operating capital raised will be invested in the development of Swisspod's full-scale Hyperloop testing facility in Colorado, USA. In parallel, it will allow for performing experiments and validating the company's innovative patents for a novel electric propulsion system that will enable a cost-efficient Hyperloop infrastructure and increased energy efficiency at high speeds.
Among the new companies backing the oversubscribed round are Polysys Industries, a privately held company based in UAE, active in investing and developing technology startups, and Seldor Capital, an NYC-based Venture Capital firm investing in startups operating in the Space Technology industry. Swisspod's tangible achievements towards enabling ultra-high-speed transportation, such as the first benchmarking test facility in the world for developing a Hyperloop system, actively contributed to engaging a strong interest from investors around the globe.
“We are very excited at Polysys Industries to invest in and support the vision of the incredible founders of Swisspod Technologies which will revolutionize not only the way we travel but also how we transport goods. This will enable a more sustainable, energy-efficient, and faster future for transportation while operating on zero footprint. We look forward to participating in the making of Hyperloop”, said Mohamed Almheiri, Chief Executive & Founder of Polysys Industries, Abu Dhabi.
"While creating solutions for Hyperloop and contributing to sustainable transportation, Swisspod is also developing new materials, components, and technologies for space applications and other uses in extreme conditions" states Sidney N. Nakahodo, General Partner at Seldor Capital, New York City.
Tackling a global challenge
"We are grateful and excited to have strong support in our mission of tackling an important global challenge by creating an entirely new market for ultra-high-speed transportation. Being oversubscribed in this seed round means not only that we have exceeded expectations and delivered solid results, but we have also built a powerful network of forward-thinking investors and partners that share our pioneering vision", Denis Tudor, the CEO of Swisspod, states.
The announcement of the oversubscribed seed round comes two months after Swisspod reported it has successfully secured its latest equity round of funding. The company stated in December 2021 that it has completed a seed round backed by 5 industry-leading investors, including ACE & Company and READ-HP Investments. Furthermore, at the beginning of 2022, Swisspod announced that, together with the University of Applied Sciences Haute Ecole ARC, it has received a second Innosuisse grant from the Swiss Government aimed at accelerating research for a superior model of Vibration Monitoring System for Hyperloop.
(Press release - ES)
Picture: Denis Tudor (CEO) and Cyril Dénéréaz (CTO) - The Co-Founders of Swisspod
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