The investment will enable the firm to deliver Gigabit Ethernet (Gig E) data communications networking, high-speed Internet access and on-net data storage services. This Gig E technology allows near-instantaneous network and Internet access from 1 megabit to gigabit speeds.
Des Moines, IA-based Equity Dynamics, which invested in ORIGIX previously, led the new funding round. The round also included investments from Riverstone Networks Inc., Principal Financial Group Inc., Gainsborough Investments and private investors.
The firm obtained funding "in light of a tough equity market for service providers," says Douglas Ruth Sr., ORIGIX's president and CEO. ORIGIX says it is seeking an additional $2 million.
The optical network will also act as disaster recovery ring for the city of Minneapolis, providing on-net yet off-site data storage for its customers.
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