In a statement The Boring Company said, it has raised $675 million in a Series C funding round, which valued the company at $5.675 billion. Elon Musk’s tunnelling company said, it will use the proceeds to ramp up hiring across sectors.

Austin, Texas-based The Boring Company plans to expand its employee strength across sectors including engineering, operations, and production to scale up its Loop projects.

Its Series C funding round was led by Vy Capital and Sequoia Capital, with participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth.

In June 2021, The Boring Company had launched its commercial tunnel project in Las Vegas to transport visitors through the city’s Convention Center using human-driven Tesla vehicles.

With The Boring Company, Musk aims to revolutionize transportation by sending passengers packed into pods through an intercity system of giant, underground vacuum tubes known as the hyperloop.

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