Feeds

Pac Fibre secures more funding

PayPal co-founder included in $NZ5.5 million raising

  • alert
  • submit to reddit

Boost IT visibility and business value

The proposed Pacific Fibre, which if built would add both capacity and competition to the trans-Pacific fibre route, has announced $NZ5.5 million of funding from PayPal co-founder Peter Thiel via his Valar Ventures investment vehicle.

In an announcement posted on the Pacific Fibre Website, Thiel is quoted as describing the venture as “significant to the growing technology industries in New Zealand and Australia.”

New Zealand has limited direct links to the USA, with only the Southern Cross Cable Network making the trip. If it is able to raise the funds for the $NZ300 million to $NZ400 million build, Pacific Fibre is expected to enter service with more than 5 TB of capacity in 2013.

Correction:It's been pointed out to The Register that Peter Thiel is a participant in the capital raising, alongside Pacific Fibre's existing external investors, and that the total raising was $NZ5.5 million including Thiel's contribution.

Seven Steps to Software Security

More from The Register

next story
Yorkshire cops fail to grasp principle behind BT Fon Wi-Fi network
'Prevent people that are passing by to hook up to your network', pleads plod
Major problems beset UK ISP filth filters: But it's OK, nobody uses them
It's almost as though pr0n was actually rather popular
Apple orders huge MOUNTAIN of 80 MILLION 'Air' iPhone 6s
Bigger, harder trouser bulges foretold for fanbois
Google Nest, ARM, Samsung pull out Thread to strangle ZigBee
But there's a flaw in Google's IP-based IoT system
Microsoft unsheathes cheap Android-killer: Behold, the Lumia 530
Say it with us: I'm King of the Landfill-ill-ill-ill
US freemium mobile network eyes up Europe
FreedomPop touts 'free' calls, texts and data
'Two-speed internet' storm turns FCC.gov into zero-speed website
Deadline for comments on net neutrality shake-up extended to Friday
Oh girl, you jus' didn't: Level 3 slaps Verizon in Netflix throttle blowup
Just hook us up to more 10Gbps ports, backbone biz yells in tit-for-tat spat
prev story

Whitepapers

Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.