Elon Musk’s tunneling startup Boring Co. has raised $675 million in a funding round led by Vy Capital and Sequoia Capital. The round values the startup at $5.675 billion, the company said in a press release on Wednesday.
Boring Co. aims to “solve traffic” by building transportation networks in tunnels deep underground. The company already has a tunnel system in place at the Las Vegas Convention Center, and ferried around passengers at the CES conference earlier this year. The company aims to expand in other cities in coming years, and said it would use the new funding to “significantly increase hiring.”