Houston, Texas, United States, September 8th, 2015
Infrastructure Networks Inc., a Houston-based telecommunications company, has raised $3.3 million, according to a filing with the Securities and Exchange Commission.
Infrastructure Networks is a wireless Internet provider for oil and gas companies. It offers 4G LTE Internet — similar to the speeds on most smartphones today — in the Eagle Ford Shale, the Permian Basin, the Bakken Shale and the Texas Panhandle, according to the company’s website.
The equity raise was led by existing investor Altira Group, a Denver-based oil and gas venture capital fund.
The company’s original target was $10 million. Infrastructure Networks expects to close the rest of the round within the next 30 days. It could also open a new round to outside investors at the beginning of 2016, according to co-founder and Chief Strategy Officer Stan Hughey.
The money will be used to roll out the company’s new play — offshore. The company will launch its LTE network in the Gulf of Mexico, and the money will be used to fund that new venture, Hughey told the HBJ.
The capital raise comes on the heels of the company’s announcement that it had recently secured a contract to provide “a large independent exploration and production company” wireless services in the Permian Basin, according to a statement. The statement does not specify which company Infrastructure Networks would be working with. It also closed on a deal in 2013 to acquire Houston-based YR20, a network analysis company
The company has around 40 employees.
Source: Houston Business Journal