Render of Elon Musk's Hyperloop concept


The Hyperloop looks like it's going beyond hypothetical design and turning into something that could actually ferry passengers from San Francisco to Los Angeles in one hour. A new company, Hyperloop Transportation Technologies Inc., has been launched and is being co-led by former director of mission operations for SpaceX, Dr. Marco Villa, and Dr. Patricia Galloway, who has an impressive science and engineering background.

The company was announced on JumpStartFund to raise cash and build a team that could make this all come together. The group is being directed to see the project in four phases: System, which takes an overview of the entire project that will produce pods that shoot through tubes at 800 miles per hour; Capsule that carries people and cargo; Tube, handling route selection and stations; and Manufacturing, Integration and Test, that brings in best practices and testing.

Hyperloop was announced as a concept in August by Tesla Motors CEO Elon Musk, who worked on the design with SpaceX engineers. SpaceX is not specifically endorsing the company, a SpaceX spokeswoman told FoxNews.com. Musk also appears to be staying on the sidelines for now.

Galloway was the first female president of American Society of Civil Engineers and was a former member of the US National Science Board. She worked on a $6 billion project to expand the Panama Canal and a $30 billion Crossrail Project to expand London's rail network. Villa helped Musk jumpstart SpaceX, the first-ever private spaceflight company. Hyperloop Transportation Technologies also has received support from others, including manufacturing and design outfit GloCal Network Corporation; Suprastudio, a graduate program at UCLA Architecture and Urban Design; and Ansys, which did an independent analysis to verify the project's feasibility.

Along with getting sufficient funding, Hyperloop's biggest challenge seems to be getting talented people to devote the time and resources needed to get the project moving through its four phases. "A lot of entrepreneurs have great business ideas but don't have time to work on them," Dirk Ahlborn, CEO and co-founder of JumpStartFund, told FoxNews.com.