Elon Musk’s underground transportation company, The Boring Company, has raised $3 billion in a Series D funding round that values the company at approximately $23 billion. 

The funding was led by the United Arab Emirates, which is expected to become a major destination for the company’s planned expansion. 

The Boring Company said it intends to construct more than 150 kilometres of tunnels in the Middle Eastern country.

Several major investors also participated in the funding round, including Andreessen Horowitz, Sequoia Capital, Human Capital, Vy Capital and Valor Equity Partners. 

The new investment is significantly below the $4 billion fundraising target reportedly considered by the company earlier this year, but provides substantial capital for its international expansion plans.

The Boring Company has so far concentrated most of its operations in Las Vegas, Nevada, where it operates tunnels connecting parts of the city, including hotel casinos and the convention centre. 

The company has also begun work on a project in Nashville, Tennessee, involving a proposed 10 mile underground transportation loop.

Founded with the ambition of addressing traffic congestion through underground transportation infrastructure, The Boring Company aims to move vehicles through three dimensional tunnel networks beneath cities. 

The new funding could accelerate the company’s efforts to expand beyond the United States and establish its tunnelling technology in major international markets.

Source: Tech Crunch