Perth-based telco Pentanet has announced it has completed a placement for $20 million to fund the expansion of its cloud gaming and telecommunications infrastructure rollouts.
The placement comes following the company’s acquisition of 5G spectrum for its fixed wireless network and a partnership with Nvidia to bring its GeForce Now cloud gaming service to Australia.
Pentanet will purchase an additional 18 RTX Servers to increase the capacity for GeForce Now, while also enacting exclusivity for the service in Australia.
Leveraging its 5G spectrum assets, the company will also continue to invest in network deployment and the development of Terragraph mmWave wireless mesh technology that will significantly increase network accessibility and performance with gigabit speed capability.
"It is good to see the strong support from investors, highlighting an increased level of understanding around the relationship between cloud gaming and 5G, now enabling us to move Pentanet into the next stage of growth early. It is a fast-developing market and we have taken advantage of market opportunities in both our fixed wireless and our cloud gaming services to strengthen our capabilities,” Pentanet managing director Stephen Cornish said.
"Our team will continue to show that we are leaders in these developing services, and the highest tier when it comes to providing subscribers with industry leading internet performance and delivering on what will be Australia's best and most anticipated high-quality cloud gaming service.
"I would like to thank both our existing, and our new investors, for their support and confidence in our business, and we look forward to continuing to deliver on our growth plans in the coming months and quarters, for all involved, both customers and stakeholders."