UK fibre-to-the-home specialist Hyperoptic has closed a large round of funding worth GB£ 50m (US$ 75m) amid plans to roll out FTTH connections to as many as ten cities around the country by the end of the year, then launch a number of services including super-fast broadband, IPTV and cloud computing.
Hyperoptic has already connected more than 20,000 homes in London to 1 Gbps broadband, and is now aiming to connect more than half a million households nationwide within the next five years.
Boris Ivanovic, chairman and co-founder of Hyperoptic, said: “Today’s investment is a resounding vote of confidence in both our business model and the bright prospects for FTTH technology in the UK.
“As momentum continues to build for ‘smart cities’ and an increasingly technology-fuelled economy and society, the need to future proof our infrastructure has become absolutely critical and Hyperoptic will play a key role in doing just that.”
The round of equity funding was led by Quantum Strategic Partners, a private investment vehicle managed by Soros Fund Management LLC exclusively for the benefit of Hungarian-American businessman George Soros and Soros family clients.