Hyperloop Technologies, one of the companies tasked with bringing Elon Musk's vision of a high-speed tube-and-pod transportation system to life, has a new CEO. Former Cisco president Rob Lloyd is taking over leadership duties effective immediately, relieving interim CEO Brogan BamBrogan of his duties.
Hyperloop Technologies' first order of business is to build a 2-mile test track outside of downtown Los Angeles. The company, not to be confused with Hyperloop Transportation Technologies, has already raised $10 million in a Series A round and is working on a second round of $80 million.
Lloyd told The Verge that his company plans to initially ship freight, not people. The long-term goal is to offer a mix of both to meet different needs, he said.
Hyperloop Technologies had been operating in stealth mode until earlier this year. The company currently employs 50 people with plans to expand significantly at it moves forward, Lloyd added.
The team recently brought on former Facebook and Google executive Emily White as an observer on its board. Most recently, White served as Snapchat's first COO. She'll be in good company, joining existing board members Palantir co-founder Joe Lonsdale, former White House deputy chief of staff Jim Messina, X Prize Foundation founder Peter Diamandis and Yammer founder David Sacks.
Assuming all goes well with the latest round of funding, Hyperloop Technologies plans to have the test track finished by late next year or early 2017.