Silicon Beach Report Dec. 18: Virgin Hyperloop Raises $50 Million and Names Richard Branson as Chairman


Virgin Hyperloop raises $50 million and names Richard Branson as chairman, network infrastructure manufacturer acquired and SoftBank looking to invest up to $300 million in Wag.

Virgin Hyperloop Raises $50 Million and Names Richard Branson as Chairman

Virgin Hyperloop One just raised $50 million more in its quest to build a high-speed transit system after being “very close” to running out of money, according a source familiar with the situation and a press release, CNBC reports. There is likely to be some “organizational restructuring” following the funding round, the source told CNBC. The startup also named investor Richard Branson as chairman.

Network Infrastructure Manufacturer Acquired

La Mirada–based Damac Products, makers of network infrastructure equipment for the telecom and data center markets was acquired by Maysteel Industries, the Business Journal reports. Terms of the deal were undisclosed. Damac was founded in 1983 and its product line includes server cabinets, wall-mount racks and cable runway systems, among others, according to its website.

SoftBank Looking to Invest up to $300M in Wag

SoftBank has been in talks to invest as much as $300 million in the dog-walking app Wag, according to people familiar with the conversations, Recode reports. Wag was originally looking to raise $100 million in this latest round, the sources tell Recode, but it ballooned to the $300 million neighborhood when SoftBank expressed interest.

Technology reporter Garrett Reim can be reached at [email protected]. Follow him on Twitter @garrettreim for the latest in L.A. tech news.

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