Elon Musk’s Boring Co said on Monday it raised $112.5 million in equity, with 90 percent coming from Musk himself, as the company seeks to build underground tunnels for its hyperloop transportation project.

Elon Musk recently announced that a speed test for the upgraded SpaceX Hyperloop pod would be conducted soon. This time around, Musk said that the goal would be to accelerate to half the speed of sound and stop within ~1.2 km.