Virgin Hyperloop One announced

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

Hyperloop One raised an $85 million round at a valuation that tops $700 million

"After visiting Hyperloop One's test site in Nevada and meeting its leadership team this past summer, I am convinced this groundbreaking technology will change transportation as we know it and dramatically cut journey times", Branson said in a statement.

On their website, Virgin said: 'Ever since our creation, Virgin has been known for disruption and investing in innovative companies.

With Virgin Hyperloop One, passengers and cargo will be loaded into a pod and accelerate gradually via electric propulsion through a low-pressure tube.

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. He described the hyperloop concept as "a cross between a Concorde, a railgun and an air hockey table".

So Hyperloop One may be the furthest along in developing the futuristic transportation network, but it still has a long way to go.

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

"We're incredibly excited about the technology behind Virgin Hyperloop One and the way it could transform passengers' lives", the company wrote in a press release.

The Hyperloop technology is now in the early stages of commercialization after a successful first full-scale systems test was conducted.

The idea of a Hyperloop has been around for half a decade now.

TechCrunch notes that included in the re-branding, Virgin Hyperloop One will now be associated with Virgin Group's other projects.

But Hyperloop One has not been without controversy.

Branson said on CNBC that a hyperloop system could become reality in "between two and four years if governments move quickly" to approve it. In August this year Hyperloop One successfully managed to fire a pod at 192mph.

Branson said the company was working on "exciting projects" around the world but no lines have been confirmed as yet.

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

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