Involta Raises $8 Million for New Data Centers

It’s been a big month for Iowa-based data center providers. Last week TEAM Technologies was bought by TDS Telecom for $47 million. This week Involta LLC said that it has raised $8 million in expansion capital, which will be used to build two new data centers.

One of the new facilities will be a previously announced a 46,000 square foot enterprise data center in Akron, Ohio. The location of the second new facility “will be announced in the coming months,” said Involta. Financing in the equity round was led by Stephen Gray of Gray Venture Partners, LLC, who will serve as chairman of the Involta board of directors.

“Demand for quality data centers is currently exceeding supply,” said Gray. “Involta is well positioned to take advantage of these trends.”

“We are very pleased with the results of the equity round,” said Bruce Lehrman, CEO of Involta. “Our ability to raise funds is testimony to the success of the latest Involta data center in Eastern Iowa. The capital raised in this round will allow the business model driving that success to be replicated in other Midwest markets.”

Involta also announces the addition of three new directors to the firm’s board: Jeff Benjamin, a New York financier, Mary Quass, CEO of NRG Media and Jim Hoffman, Executive Director of 2001 Development Corporation.

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About the Author

Rich Miller is the founder and editor at large of Data Center Knowledge, and has been reporting on the data center sector since 2000. He has tracked the growing impact of high-density computing on the power and cooling of data centers, and the resulting push for improved energy efficiency in these facilities.

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  1. jack

    8mil, 2 datacenters?

  2. Jack: The $8 million will help fund the new facilities, but is not the total cost. The Akron site was announced as a $20 million project. No estimates yet on the second one, obviously.

  3. Carl

    Do you know their power cost ?