This startup claims it will build three Hyperloop systems by 2020

Hyperloop Technologies plans to build not one, but three Hyperloop projects in less than five years, Rob Lloyd, the company's CEO, said on Thursday.

The LA-based startup will begin the projects in 2017 and complete them by 2020, Lloyd said during a presentation at the Web Summit, a tech conference in Dublin.

Lloyd, who is a former Cisco executive, also announced at the conference that the company had raised $26 million of its $80 million series B financing round.

In September, Hyperloop Technologies announced Lloyd would be taking the helm of the company. The startup also said at the time that it aimed to have its first test track finished by late next year or early 2017, with the intention of having its system commercially ready by 2020.

The company has yet to share the location of its test track or any of the other projects.

Tech Insider reached out to Hyperloop Technologies to find out more about the three projects underway, and will update when we hear back.

It's worth noting, however, that even though some US cities have shown a growing interest in high-speed rail, it's more likely the first full scale Hyperloop system - one that stretches hundreds of miles - will be built overseas, and likely in Asia.

Just last month, Peter Diamandis, who is a on the board of Hyperloop Technologies, said that the Hyperloop could be fully operational in the United Arab Emirates before 2020.

Dirk Ahlborn, who is CEO of Hyperloop Transportation Technologies (HTT), another startup working on the technology, told Tech Insider earlier this year that they too are looking to build the first full scale system in other parts of the world.

Among the reasons these companies are looking to build their systems outside of the US is because getting rights to land is easier and there are fewer regulations.