Musk's company Boring raises $113 million | Digging tunnels for super high-speed rail

According to Reuters, Boring Company, the tunnel excavation company of Elon Musk, said in a regulatory filing on Monday that the company has raised $112.5 million in funds through equity financing. The Boring Company is seeking to excavate underground tunnels for its super high-speed rail project.

Musk

Musk hopes to innovate the transport system and build an intercity train system consisting of huge underground vacuum pipes to transport passengers through pods. Musk also served as CEO of Tesla and U.S. space exploration technology company.

Five months ago, Musk stated that the Boring Company would participate in the bid to fund and build a high-speed 'loop train' linking Chicago's O'Hare International Airport with the city. Earlier, Musk also sold the Boring Company. Hats, flamethrowers to finance.

The Boring Company stated that tunnel excavation projects cost up to $1 billion per mile. The goal is to reduce costs by a factor of 10 or more.