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Elon Musk's tunnel-boring company, The Boring Company, has raised a $3 billion Series D funding round, US economic broadcaster CNBC and others reported on the 10th (local time).
In this investment round, the company was valued at $23 billion.
The Boring Company stated, "The United Arab Emirates (UAE) led this investment round, and we now plan to excavate tunnels over 150 km long in the UAE."
The Boring Company stated, "In the past two years, the company has grown enough to manage tunnel excavation programs in several cities. While pursuing faster machine designs, we are simultaneously working on our first hard rock project, our first international construction contract, and a large-scale expansion of the Las Vegas Loop." The company has so far carried out most of its excavation work in Las Vegas. It operates several tunnels connecting hotel casinos and convention centers.
Recently, it embarked on a 10-mile underground 'Loop' project in Nashville, Tennessee.
The Boring Company, founded within SpaceX in 2017 and spun off a year later, aims to "innovate transportation" by building underground circular routes with stations where passengers can board and alight.
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