Hyperloop One raised an $85 million round at a valuation that tops $700 million

That brings the company’s total funding to $245 million.

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Hyperloop One, the company built on Elon Musk’s vision for fast and efficient freight and passenger transportation, has closed an $85 million investment round. The company’s total funding is now $245 million.

That brings the company’s valuation — including this round of financing — to more than $700 million, according to sources.

The funding comes just after Hyperloop One and the Colorado Department of Transportation announced that the two entities were conducting a feasibility study for potential routes for the tunnel-based transportation system within the state. Colorado is just one of 10 potential routes around the world the company is considering.

Investors in this round include DP World, Caspian VC Partners, WTI and OurCrowd.com, according to the company.

“The fact that we have made so much progress with governments around the world speaks to the transformative nature of Hyperloop One’s technology and the material transportation and societal benefits it unlocks,” Brent Callinicos, COO and CFO of Hyperloop One, said in a statement.

Hyperloop One was founded in 2014 and was one of two original companies attempting to fulfill Musk’s vision for a tunnel-based transportation system — the other is Hyperloop Transportation Technologies. Now there’s also Arrivo, a company founded by former Hyperloop One co-founder Brogan BamBrogan. However, the company contends it is the only one with a full-scale system that has been built and tested.

That said, the two companies may have to eventually compete with the visionary behind the hyperloop concept. In August, Musk said he had “verbal government approval” to build an “underground Hyperloop.” It turns out, Musk may be building that entire hyperloop system himself, according to Bloomberg.