Elon Musk's tunneling venture, The Boring Company, announced on Thursday that it has completed a Series D funding round, raising $3 billion. This investment pushes the company's valuation to $23 billion.
The United Arab Emirates led the funding round. The Boring Company stated that it now intends to dig more than 150 kilometers of tunnels within the Middle Eastern country. Other participants in the round included Andreessen Horowitz, Sequoia Capital, Human Capital, Vy Capital, and Valor Equity partners.
The company's previous tunneling work has primarily been in Las Vegas, Nevada, where it operates tunnels connecting hotel casinos and the convention center. It recently began a project in Nashville, Tennessee, involving a 10-mile underground "loop." The Boring Company's stated aim is to "solve traffic" by developing an underground, three-dimensional network of tunnels for vehicle travel.