The first major Hyperloop test is happening in Vegas this week

YouTube/AviSight

Hyperloop One's test site in North Las Vegas.

Hyperloop Technologies is about to take the first big step in proving that the Hyperloop is not a pipe dream.

The California-based startup revealed Tuesday that it will demo its propulsion technology on its first-ever test track in North Las Vegas on Wednesday morning.

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The Hyperloop is a futuristic transport system that carries passengers in capsules at speeds reaching more than 500 miles per hour. Tesla and SpaceX CEO Elon Musk first proposed the idea back in 2013 and made his research public so others could pursue developing the concept. Hyperloop Technologies is one of the startups doing just that.

While the company will not be showing off a full-scale system with shooting passenger pods, it will be demoing the underlying technology of its system. The company's current track is used for conducting propulsion open air tests, which basically consists of sending its linear motors down a half-mile track at speeds of 330 miles per hour. 

Tech Insider will be attending the testing Wednesday, so be sure to check back for updates.  

The company is also changing its name to Hyperloop One and said in a press statement that the new name better represents its "singular leadership and incredible progress" in developing the world's first full-scale Hyperloop system.

However, it's worth noting that the name change will also help diffuse any confusion between it and Hyperloop Transportation Technologies, which is another California-based startup developing Hyperloop technology.

Vimeo/Hyperloop Tech

Hyperloop One's Hyperloop tube.

The company also announced it closed an $80 million Series B financing round with both old and new investors participating. Some of its notable new investors include Khosla Ventures, the French National Rail Company, and GE Ventures.

Hyperloop One isn't just securing more funding to help it grow, though. It's also securing key partnerships with leading infrastructure companies.

One of the start-up's most notable new partnerships includes the global design and construction firm AECOM. AECOM is also currently working with SpaceX to build a one-mile Hyperloop test track that will be used for Elon Musk's Hyperloop pod competition, which will take place later this year.

Other companies Hyperloop One is partnering with include the design and engineering firm Arup and the engineering and consulting firm Systra.

"Along with our partners, we will create new projects and opportunities to solve transportation challenges around the world through the technology, services and expertise we jointly represent," said Rob Lloyd, CEO of Hyperloop One, in the press statement. "The time is right to bring new thinking to old problems and harness new technologies and services to make a quantum leap in transportation."