Sir Richard Branson promises to build 'revolutionary' Hyperloop train service

Branson said that at the end of their ten-day trip in January the Obamas treated his staff to a thank you party

Richard Branson's Virgin Group has invested in Hyperloop One, a Los Angeles company that is developing a super-fast transport system and soon will change its name to Virgin Hyperloop One, the companies said Thursday.

"Ever since our creation, Virgin has been known for disruption and investing in innovative companies", said Branson.

By using magnetic levitation and electric propulsion to accelerate a pod through a tube at near-vacuum, hyperloop hopefuls believe they can transport passengers at speeds up to 700 miles per hour, providing airline speeds on the ground.

One of the leading hyperloop companies just got an enormous boost in the form of funding from Richard Branson's Virgin Group. Musk popularized the idea of such technology, unveiling a design in 2013. He described the hyperloop concept as "a cross between a Concorde, a railgun and an air hockey table".

The airline mogul announced that the highly-anticipated train service would come following a sizable investment from Virgin Airlines, although the exact amount injected into the project is unknown as of now.

The startup had raised more than $200 million prior to Tuesday's announcement.

Hyperloop One is in the early stages of making the technology commercially viable after completing a full-scale test in Las Vegas.

Virgin Hyperloop One is eyeing projects across the world, from the Middle East to the United States.

Right now it appears that Hyperloop One's business will remain on track with the rebrand, and it's probably a good thing to have a close billionaire friend with a passion for future modes of transport when you're trying to build a brand new type of high-speed ground transit. The company was embroiled in a messy lawsuit previous year between its two founders. Branson attended and said he saw "firsthand the exciting technology being tested".

Musk's hyperloop involvement is for now limited to potentially building the tunnels with his latest startup - The Boring Company.

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