An anonymous reader shares a report: Richard Branson's Virgin Group is investing in Hyperloop One, a company developing the super-fast transport system originally conceptualized up by Elon Musk. Hypleroop One is re-branding itself as Virgin Hyperloop One, and Branson is joining the board, the billionaire British investor and entrepreneur announced Thursday on CNBC from London. Virgin Hyperloop One will focus on a passenger and mixed-use cargo service. Last month, Hypleroop One raised $85 million in new funding, and that includes the investment from Virgin. Branson refused to breakout the numbers. Breaking ground on a commercial hyperloop in two to four years is possible if "governments move quickly," Branson said in a "Squawk Box" interview. So far, no government has approved a plan for a hyperloop system. The Virgin founder also said that building a hyperloop tube above or below ground is "cheaper" and "faster" than a traditional rail network. The idea of the transport system -- conceived in 2013 by Musk, the head of both electric automaker Tesla and SpaceX -- works by propelling pods through tubes using magnets reaching speeds akin to those of airplanes.
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