Richard Branson poses after unveiling the new SpaceShipTwo, a six-passenger two-pilot vehicle meant to ferry people into space.

:: Los-Angeles-based company, Hyperloop One said billionaire Richard Branson’s Virgin Group has invested in the company to form a strategic partnership.

Branson joined the board of Hyperloop One and the company would rebrand itself as Virgin Hyperloop One in the coming months, Hyperloop said in a statement on Thursday.

The size of the investment was not disclosed.

Hyperloop One, the concept of which originated in a paper by Tesla Inc’s Elon Musk, is developing a futuristic high-speed transport system.

Virgin Group did not immediately respond to a request for comment.