ORIX Ventures Announces Growth Capital Commitment to SummitIG
Funding Supports Growth of SummitIG’s State-of-the-Art Dark Fiber Network
WASHINGTON, March 18, 2014-- 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.”
About ORIX Ventures
ORIX Ventures provides customized financial solutions to mid- and late-stage growth companies with established customers and run-rate revenues of $10 million or greater. ORIX Ventures is capable of leading debt or private equity transactions with total commitments as high as $50 million. Since its inception in 2001, ORIX Ventures has invested more than $1 billion across more than 100 growth companies throughout the U.S. and Canada. For more information on ORIX Ventures, visit us at www.orixventures.com.
ORIX Ventures is a subsidiary of ORIX USA, a Dallas-based financial conglomerate with more than 1,400 employees and principal offices in Atlanta, Chicago, Los Angeles, Minneapolis, New York, San Francisco, Washington, D.C., Frankfurt, London and Paris. ORIX USA holds approximately $5 billion of assets and manages an additional $30 billion. ORIX USA is a wholly owned subsidiary of ORIX Corporation, a Tokyo-based, publicly owned international financial services company with operations in 34 countries and regions worldwide. ORIX Corporation is listed on the Tokyo (8591) and New York Stock Exchanges (IX). For more information on ORIX USA, visit www.orix.com.
Based in northern Virginia, SummitIG is a custom network solutions and bandwidth infrastructure provider. Specializing in dark fiber networks that support and extend data centers’ connectivity, SummitIG makes it possible for hosting companies to provide greater value for customers. With SummitIG’s dark fiber offering, data center operators can offer customers space, power, and connectivity beyond their own building to multiple points along SummitIG’s network.
From facilities run by the data center operators to carrier neutral facilities, and long haul carrier POPs, SummitIG provides infrastructure at any customer’s point of need.
SummitIG is privately held. For more information about SummitIG, visit the company’s web page at www.summitig.com.
For ORIX USA Corporation:
Shannon Couzens, 972-365-3557
Venture Capital Database
Venture Capital Deals Spreadsheet