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Soros injects £50m in London fibre-optic company Hyperoptic

by LLB Editor
23rd May 13 11:48 am

Business tycoon George Soros has invested £50m in Hyperoptic, the London-based company that claims it can deliver 100 times faster broadband. As it happens, we tipped this company for greatness back in November – read our interview with Hyperoptic co-founder Boris Ivanovic.

Soros made the investment the investment through his investment company Quantam and now owns a “substantial stake” in the business.

Ivanovic and fellow co-founder Dana Tobak will use the investment to reach their target of serving 500,000 homes within the next five years. Hyperoptic plans to bring its service to 10 additional cities by the end of the year.

Ivanoic explained how the company provides faster broadband in our November interview with him: “BT Infinity claims to be fibre, but really it only uses fibre from the exchange to the cabinet [the large green telecom sub-station box which sits between the main exchange and the houses it connects].

“For the last mile from the cabinet to the home it still uses copper, which is why their service suffers performance drops. They have to say ‘up to’ with heir offers – for example ‘up to 30Mbps’, as only a small number of customers ever get this speed. With our speeds, if we offer 100Mbps or 1000Mbps that is precisely what you get, upload and download.”

Before setting up Hyperoptic, the duo founder a UK internet service provider called Be which was sold to the O2 mobile network for £50m in 2006.

 

 

 

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