The Boring Company raises $3B in round led by UAE

Elon Musk’s tunneling play, The Boring Company, has raised a $3 cardinal Series D backing circular that pushes its valuation to $23 billion.

The circular was led by the United Arab Emirates. The Boring Company said Thursday that it present plans to excavation much than 150 kilometers of tunnels successful the Middle Eastern country. Andreessen Horowitz, Sequoia Capital, Human Capital, Vy Capital, and Valor Equity partners besides participated.

The Wall Street Journal reported successful July that The Boring Company was looking to rise as overmuch arsenic $4 billion.

The Boring Company has done astir of its digging to day successful Las Vegas, Nevada, wherever it operates a fistful of tunnels that link edifice casinos and the normal center. It precocious started enactment connected a task successful Nashville, Tennessee that volition impact a 10-mile “loop” underground.

The institution has stated that its extremity is to “solve traffic” by moving conveyance question into an underground, three-dimensional web of tunnels.