Western Australian 5G fixed wireless provider Pentanet has secured a $5 million loan to fund capital infrastructure and invest in its cloud gaming and internet service offerings.
Pentanet managing director Stephen Cornish stated in an announcement to the ASX, “I’m delighted to have the support of Westpac, which provides further verification of Pentanet’s strategy and the business we have been building.”
“Along with existing cash, we are well-positioned to grow the business organically and via acquisition or capital investment,” Cornish said.
The conditions of the loan include that it is used for capital expenditure with a five-year term.
Pentanet’s mesh network is available in Perth and provides subscribers with multiple points of connection, removing line-of-sight barriers and providing a mesh of connected premises to optimise connectivity. Use of mmWave technology enables the company to tout gigabit connectivity and lower latency connections.
In 2021, the Perth-based telco became the sole Australian provider of NVIDIA's cloud-based game streaming service GeForce NOW.
Shortly after announcing its partnership with NVIDIA, Pentanet secured $20 million from investors.
Around the same time, Pentanet announced the acquisition of 5G spectrum to enable its cloud gaming services and develop and deploy neXus its mmWave wireless mesh network.
In the 2022 financial year, Pentanet invested heavily in capital infrastructure, including building nine new towers and 350 distribution points for NeXus, which it calls ‘Meshy Boi’.
Pentanet earned $17 million revenue and reported a $7 million gross profit in its full-year 2022 financial results.
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