Newly created Jacksonville-based IQ Fiber recently announced the completion of a major round of funding and its intent to move to the next phase of its business cycle.
The transaction provides IQ Fiber with significant equity funding to complete the first phase of its all-fiber network build, passing more than 60,000 homes in the Jacksonville area, according to a statement from the company.
“Consumers deserve a smarter internet choice,” said IQ Fiber CEO Ted Schremp. “High-speed internet has become a necessity and is truly the heartbeat of the modern home. With the launch of IQ Fiber, Jacksonville residents will soon have access to a state-of-the-art, 100-percent fiber-optic network with gigabit upload and download speeds, simple subscription plans and service experts who live and work in our community.”
IQ Fiber’s three service plans will deliver symmetrical internet speeds between 250 and 1,000 Mbps, with whole-home Wi-Fi service included. Although Schremp has not said exactly where the first batch of homes will be located, he did say it was just the first round of their planned rollout.
Fiber to the home represents the state-of-the-art for the delivery of broadband services, yet it is accessible to only 36% of the U.S. population, Schremp said. Compounding the consumer challenge, approximately 83 million Americans can only access broadband through a single provider. IQ Fiber, Schremp said, will soon provide Jacksonville residents with the ability to choose their service, which he added will be fueled by a new fiber-optic network.
SDC Capital Partners, a global digital infrastructure investment firm specializing in data centers, fiber networks, wireless infrastructure and associated businesses, provided an undisclosed amount to fund the Jacksonville-based startup.
“We are thrilled to partner with IQ Fiber in its initial launch in Jacksonville, and are excited about the larger opportunity in Northeast Florida and beyond,” said Clinton Karcher, partner at SDC. “IQ Fiber’s commitment to providing exceptional customer service, coupled with state-of-the-art fiber network infrastructure in an underserved market, creates a formula for success.”
