The concept of the Hyperloop is slowly gaining steam, and if you're excited for your chance to ride in the Hyperloop, you could get a chance to do so in a matter of a few years.

While the concept of the Hyperloop was thought up by SpaceX and Tesla CEO Elon Musk, a company called Hyperloop Technologies is one of the companies actually trying to commercialize it, and the CEO of that company, called Rob Lloyd, recently spoke at Web Summit 2015, saying that it will bring three demonstration projects to completion in 2020.

Of course, revolutionizing transportation using cutting-edge technology in the form of capsules that travel on a cushion of air doesn't come cheap. So far, Hyperloop Technologies has raised $26 million of an $80 million funding round, which is the second funding round that the company has gone through. That money will mostly go toward buying materials to build the actual demonstration technology.

While it's not yet known if the Hyperloop will ever fully replace trains, buses, and other forms of transportation, according to those involved it will help cut down on pollution and will allow travelers to get from point A to point B much faster.

Not only will it help people who need to travel, but it could revolutionize product shipping as well, enabling a user to order a product that is manufactured and shipped to the user within 72 hours, removing the need for companies to have warehouses full of inventory.

The Hyperloop ideas was first published by Elon Musk back in 2013, but Musk was, at the time, too busy with things like Tesla and SpaceX to pursue it himself. SpaceX is, however, working on building a mile-long test track, although it says that it doesn't want to commercialize the technology, just accelerate its development.

Hyperloop Technologies says that it hasn't yet decided where to build the first test track, but says that it will make the decision in the near future.

Via: CNET