Sir Richard has led an $85m (£65m) investment in Hyperloop One, a California-based company that is the first to successfully test the high-speed magnetic levitation technology.
So Hyperloop One may be the furthest along in developing the futuristic transportation network, but it still has a long way to go. As part of deal, the startup will rebrand as Virgin Hyperloop One and Branson will join the board.
Hyperloop trains work by loading passengers and cargo on to a pod which is accelerated to speeds of nearly 700mph inside a sealed low-pressure tube using electric propulsion.
The technology for Hyperloop One is now in the early stages of the commercialisation phase after the successful completion of the world's first full scale hyperloop systems test at the DevLoop site outside Las Vegas.
Trains: Hyperloop floats above the surface of the tube.
Richard Branson is jumping on the Hyperloop train, the transport concept which could reduce the time it takes to travel between London and Edinburgh to just 50 minutes.
"Virgin has been known for investing in and creating innovative companies over the years, and I look forward to making history together as we bring Hyperloop to the world as Virgin Hyperloop One".
In August, the Hyperloop traveled nearly the entire length of the track and reached a top speed of 192 miles per hour. "We have always been passionate about innovation in transport too, especially the development of technology that could transform people's lives", the statement reads.
Several companies have been dabbling in hyperloop technology since Elon Musk released basic plans for the transit system several years ago, but none are as close to reality as Hyperloop One.
Meanwhile, Musk is now working part-time on a similar project, called The Boring Company.
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