PhatPipe Cops $16-Mil Backing from ProLogis

DENVER-ProLogis, based in Denver, has invested $16 million in PhatPipe Inc., a real estate technology company that targets industrial properties with high-speed Internet access, data and Web hosting services, local and long distance telephone service, as well as computer equipment, office supplies and furnishings.

ProLogis is one of the nation’s largest industrial REITs, controlling 1,664 distribution facilities worldwide. ProLogis’ portfolio includes 185.2-million sf of distribution facilities owned, managed or under development.

“Historically, customers located in industrial settings have had few choices for Internet access, often sacrificing speed due to high cost,” says Dan Ankeny, president and CEO of Carlsbad, CA.-based PhatPipe. “We believe the market for broadband sales within the under served US industrial sector is approximately $11 billion, while the potential represented by the portfolios of our committed partners is nearly $300 million. Obviously, there is a tremendous opportunity to further penetrate this sizable market.”