Hyperloop One has said it plans to work towards having three Hyperloop systems in service by 2021.
The Virgin Group founder replaces Shervin Pishevar, who stepped down from the company's board two weeks ago in the wake of allegations of sexual harassment. "The tests were conducted in a tube depressurized down to the equivalent air pressure experienced at 200,000 feet above sea level".
"This investment provides Virgin Hyperloop One with a very robust financial platform for 2018 ahead of our Series C round of fundraising", said the company's chief executive Rob Lloyd.
Virgin Hyperloop One officials worked to focus interest on the company's successes on Monday.
Musk recently tweeted that 10 purchasers of a hat bearing his company logo will be "picked at random" to tour his hyperloop tunnel in Los Angeles and drive his boring machine.
During this phase of testing, the company experimented with using a new airlock that helps test pods transition between atmospheric and vacuum conditions. By its second trial in August, it had hit 192 miles per hour.More news: US Vetoes UN Call To Withdraw Trump's Decision On Jerusalem
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The company announced that it achieved a new record speed in its test loop in Nevada, raised another $50 million, and made Richard Branson its new Chairman. "All components of the system were successfully tested including the airlock, highly efficient electric motor, advanced controls and power electronics, custom magnetic levitation and guidance, pod suspension, and the vacuum".
"The recent investment by our partners Caspian Venture Capital and DP World sets up the company to pursue opportunities in key markets in the Middle East, Europe, and Russian Federation as it develops game-changing and innovative passenger and cargo ground transport systems".
If it comes to fruition, Hyperloop has the potential to revolutionize transportation around the world.
Branson, the founder of the Virgin Group, invested in the high-tech, high-speed transit system and joined the board of directors in October.
Virgin Hyperloop One is one of a handful of firms developing technologies in which passengers and cargo can be loaded into pods that travel at high speeds through low-friction tubes above or below ground.
These other developments were also announced by Hyperloop yesterday.