Musk’s Boring Co. Raises $675 Million to Build Tunnels

The Boring Co., a startup founded by Elon Musk, has raised new capital to fund the billionaire investor’s vision to alleviate traffic.

Vy Capital and Sequoia Capital led the $675 million funding round that valued the company at about $5.7 billion, the company said in a press release Wednesday. Peter Thiel’s Founders Fund, which is also an investor in Mr. Musk’s Space Exploration Technologies Corp., known as SpaceX, joined the round. New strategic real-estate investors and existing venture backers also took part in the funding round.