Elon Musk’s tunneling venture, The Boring Company, has secured $3 billion in a Series D funding round, increasing the company’s valuation to $23 billion.
The funding round was led by the United Arab Emirates. The Boring Company said Thursday that it plans to build more than 150 kilometers of tunnels in the Middle Eastern country. Andreessen Horowitz, Sequoia Capital, Human Capital, Vy Capital, and Valor Equity Partners also took part in the round.
The Wall Street Journal reported in July that The Boring Company was seeking to raise as much as $4 billion at a valuation of approximately $20 billion.
So far, most of The Boring Company’s tunneling work has taken place in Las Vegas, Nevada. The company currently operates several tunnels connecting hotel casinos with the city’s convention center. It has also recently begun work on a project in Nashville, Tennessee, which is expected to include a 10-mile underground “loop.”
The company says its broader objective is to “solve traffic” by shifting vehicle transportation underground into a three-dimensional network of tunnels.
