Zeleros Hyperloop completed a financing round of €7 million led by Altran and Grupo Red Eléctrica

Zeleros Hyperloop, a Valencia, Spain-based developer of transportation technology, announced getting into an investment agreement for securing €7 million ($7.9M).

The funding was provided by a range of strategic investors as well as professionals including Altran, Grupo Red Eléctrica, Goldacre Ventures, Road Ventures, Plug and Play, the Spanish Angels Capital and MBHA.

The funds will be used for further development of Zeleros’ hyperloop vehicle and its core technologies.

Zeleros Hyperloop, founded in 2016 as a spinoff from the Polytechnic University of Valencia (UPV) by CEO David Pistoni, Daniel Orient and Juan Vicent, aims to develop hyperloop technology as an alternative to cover efficiently routes between 400 and 1,500 kilometers in distance. The company's tech focuses on the development of a supersonic train to travel through a vacuum tube combining magnetic levitation and propulsion: the so-called hyperloop.