Vinci investment backs hyperTunnel growth14 June 2022
UK start-up hyperTunnel has received a financial investment from Vinci which will fund .business expansion and practical development and testing of the company construction method.
The deal further strengthens hyperTunnel’s connections with Vinci Construction technical departments. hyperTunnel recently joined Vinci’s innovation platform, Leonard, as a member of its start-up accelerator programme, Catalyst. hyperTunnel also won the prestigious annual Construction Start-up Competition in Miami last year, which Leonard co-organises with other sector names such as Ferrovial and Cemex Ventures.
“hyperTunnel’s technology can be truly game-changing when it comes to improving the safety and sustainability of underground construction projects,” said Guillaume Bazouin, head of start-up and intrapreneurs programs at Leonard. “It strongly aligns with our goals of rapidly responding to the climate emergency by enabling technological advances that have a substantial environmental impact. hyperTunnel also boasts exceptional leadership and engineering teams, and we are looking to support their great success in the near future.”
hyperTunnel co-founder Jeremy Hammond said Vinci and Leonard were real experts in construction innovation. “To get their backing in such a concrete and substantial way means we must be doing something right. They can see the huge potential of the technologies we’re developing, and they share our passion for improving how the world works. We’re excited to see what we can achieve together over the coming months,” he said.
Last week, the European Innovation Council (EIC), Europe’s flagship innovation programme to identify, develop and scale up breakthrough technologies and innovations, selected hyperTunnel to receive US$1.96m (€1.88m) under its EIC Accelerator scheme. The funding will be used to complete the development of hyperTunnel’s advanced swarm robotics underground construction platform.
Last year hyperTunnel was highlighted as a?Top 50 Contech?Startup?and was among 10 winners of the global Construction Startup Competition.