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Hyperloop One gears up for growth with new CFO

Guests view the inside of a Hyperloop tube during the first open air propulsion test at the Hyperloop One Test and Safety site on May 11, 2016 in Las Vegas, Nevada.
John Gurzinski | AFP | Getty Images
Guests view the inside of a Hyperloop tube during the first open air propulsion test at the Hyperloop One Test and Safety site on May 11, 2016 in Las Vegas, Nevada.

Hyperloop One, which is nearing its first full scale test run, has promoted a tech industry veteran to two critical leadership positions as it gears up for another round of fundraising.

Brent Callinicos, who joined the company in October, has been promoted to Chief Operating Officer and Chief Financial Officer of the company.

His top priority: developing funding and revenue plans for the fledgling transportation company.

"We're gonna do a Series C round of fundraising." said Callinicos. "How much? What valuation? For all those details, stay tuned."

Since being founded in 2014, Hyperloop One has raised more than $150 million, but will need another round of funding as it prepares for rapid growth.

By 2020 or 2021, the company expects to have a Hyperloop transporting cargo through tubes at speeds of up to 700 miles per hour. The location of that first Hyperloop remains to be seen.

The company has announced 7 projects around the world, including feasibility studies in Dubai, Russia, Great Britain and in California with the Port of Los Angeles and Long Beach.

"When Brent first joined the team in October as an advisor, I knew that he was the perfect fit to help lead our team into our next phase of growth," said Shervin Pishevar, executive chairman and co-founder, Hyperloop One.

Callinicos understands the high stakes business of raising money for tech start-ups, most recently helping Uber raise several billions of dollars.

Unlike Uber, the Hyperloop is far more capital intensive. Callinicos expects much of the funding for Hyperloop runs built around the world to come through public-private financing plans similar to those used to pay for new rail lines or other major transportation projects.

He also understands the challenge facing Hyperloop executives as the company tries to develop a new form of transportation.

"This is changing the world in a tight timeline," said Callinicos.

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