(Pocket-lint) - One of the world's richest men likes the idea of a hyperloop. 

A hyperloop is essentially a fast train. Elon Musk, who popularised the idea, calls it a "cross between a Concorde, a railgun, and an air hockey table". One company making this type of high-speed transit system is Hyperloop One, and it just got funding from Virgin Group founder Richard Branson. He's investing in it and will be joining its board of directors, the two companies have announced.

Hyperloop One is also rebranding to Virgin Hyperloop One. Following the announcement, Branson told CNBC: "As a train owner, I felt this is something that I want to be able to operate... At the moment our trains are limited to 125 miles an hour... There are consumers, for instance, that would love to go from London to Edinburgh in roughly 45 minutes. And that will be possible [with hyperloop].”

Mind you, Hyperloop One is still a startup with no revenue and no government approval. It's currently in the testing/prototype phase, while also courting wealthy billionaires, apparently. The company is relatively young, too. After all, the word "hyperloop" only started making headlines a few years ago, when Musk unveiled his version of the transit system and offered it up as an open-source concept.

Hyperloop One's founder has often credited Musk, though his is the first company ever to build a full-scale hyperloop test track.

Writing by Elyse Betters.