James Tsiolis (Netlinkz)
Network as-a-service technology provider Netlinkz has inked a $10 million finding deal with United St investor Obsidian Global.
The Australian Securities Exchange (ASX)-listed company will initially draw down $2.25 million as part of a convertible securities facility.
According to Netlinkz, the funding, alongside other recent equity and debt initiatives, will provide the company “with additional funding to advance its now well-progressed growth strategy”.
Netlinkz CEO and managing director James Tsiolis said the funding will help the company “build scale” in Asia Pacific where it has been adding to its “stable of partnership agreements”.
Tsiolis also claimed Netlinkz is now laying the “groundwork for a further material expansion” in South America and Europe.
“Efforts to diversify and expand our funding base has been further progressed with the execution of this convertible securities raising,” he said. “The extra advantage provided by this raising is that it simultaneously extends the maturity profile of our nonequity funding.”
The funding follows the signing of Netlinkz’s global reseller agreement with SpaceX for the latter's Starlink satellite-based high-speed, low-latency broadband internet.
The agreement with Starlink sees the creation of a direct channel for Netlinkz’s proprietary network called the Virtual Secure Network (VSN), which will be sold via Netlinkz’s wholly-owned ISP subsidiary Southcloud.
Ari Morris, Obsidian CEO, added that he was excited to be funding the “next phase of Netlinkz’s global growth based on the Starlink... opportunities”.
