Now the company will seek more funding.

Today Hyperloop One claimed that its demo pod reached 192mph (310 kph) on the 500m (1/3 mile) test track that the startup built outside of Las Vegas. Hyperloop One showed off that demo pod last month—it’s basically an 8.7m (28.5 ft) carbon-fiber shell on a magnetically levitating chassis.

This test run follows on a “Phase 1” test that sent a bare-bones sled down the test track at 70mph. At the time, Hyperloop One had said Phase 2 would involve getting to 250mph, but in a recent press release, the startup said that the 192mph test run this month satisfied Phase 2 development goals. Ars has reached out to Hyperloop One for clarification, and we’ll update when we receive a response.

Although no media were present, Hyperloop One claims that in this most recent test, its large pod “accelerated for 300 meters and glided above the track using magnetic levitation before braking and coming to a gradual stop.”

The Hyperloop idea in its current incarnation was popularized by Tesla and SpaceX CEO Elon Musk. Musk opted not to pursue building the train, which he described as running at 760mph in a low-pressure tube on air-bearings, but these days SpaceX hosts competitions for engineering students and has encouraged startups like Hyperloop One to run with the idea, too.

In this latest test, Hyperloop One said it depressurized its 11-foot-wide test tube “down to the equivalent of air at 200,000 feet above sea level.”

The startup also said that the pod accelerated using a “highly efficient electric motor,” but it's unclear if that was the same kind of linear motor used in the previous test.

Hyperloop One CEO Rob Lloyd said in a statement, ”We've proven that our technology works, and we're now ready to enter into discussions with partners, customers and governments around the world about the full commercialization of our Hyperloop technology.” The company has received investments from Dubai’s Roads and Transport Authority, as well as the French National Rail System SNCF, GE Ventures, and Western Technology Investment.