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ORIX Ventures announces the closing of a large term loan with SummitIG, a custom network solutions and bandwidth infrastructure provider. The funding comes alongside additional growth equity capital from existing investor Columbia Capital, an Alexandria, Va.-based venture capital firm. Proceeds from the transaction will provide growth capital to support the continued expansion of SummitIG's state-of-the-art dark fiber network throughout the Mid-Atlantic.
Headquartered in Dulles, Va., SummitIG provides flexible dark fiber infrastructure, giving data centers, carriers and enterprises more control over network solutions and connectivity costs. Through its low-latency dark fiber solutions, SummitIG is adding fiber infrastructure in the region to support growing demand for broadband and cloud services. This funding highlights ORIX Ventures' ability to provide significant and flexible capital to high-growth businesses.
"SummitIG is rapidly becoming a leader in supplying markets in Virginia with scalable bandwidth infrastructure," stated Bill Cook, SummitIG CEO. "We are fortunate to have the financial support of ORIX Ventures and Columbia Capital, which will support the company's growing network and its ability to offer customers robust connectivity solutions."
"With the explosion of bandwidth needs driven by cloud and video, we immediately saw the value of what SummitIG and Columbia Capital are building," Jeff Bede, Managing Director in ORIX Ventures' Washington, D.C., office, commented. "The demand for dedicated connectivity at scale continues to grow, and we believe SummitIG's dark fiber network is a unique asset. We have a lot of confidence in the SummitIG team, and this funding further deepens our relationship with Columbia Capital, an expert in this space."