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In its announcement today, Virgin Hyperloop One says that it "continues to see a growing demand from governments and the private sector around the world".

Financial details weren't disclosed although one would assume it's significant considering Hyperloop One is changing its name to Virgin Hyperloop One.

Right now it appears that Hyperloop One's business will remain on track with the rebrand, and it's probably a good thing to have a close billionaire friend with a passion for future modes of transport when you're trying to build a brand new type of high-speed ground transit.

Hyperloop One is one of a handful of firms developing technologies whereby passengers and cargo would be loaded into pods that travel at high speeds through low-friction tubes above or below ground.

Trains: Hyperloop floats above the surface of the tube. This was presumably created in response to Hyperloop One's successful summer testing, which saw the company actually sending its passenger pod down its test track in the Nevada Desert for the first time. "I was very impressed and now look forward to helping turn this cutting edge engineering into a global passenger service".

"Ever since our creation, Virgin has been known for disruption and investing in innovative companies". "We have always been passionate about innovation in transport too, especially the development of technology that could transform people's lives", the statement reads.

He said: "Projected journey times in the United Kingdom include Edinburgh to London in 50 minutes".

In August, the Hyperloop traveled nearly the entire length of the track and reached a top speed of 192 miles per hour.

'This is just the latest example'.

Hyperloop One Chairman Shervin Pishevar told CNBC that with Branson on board, the company will be able to accelerate the commercialization process and also design products with the consumer in mind. Branson attended and said he saw "firsthand the exciting technology being tested".