IFN Completes $13M Funding Round

Posted: Updated:
Jim Turner is CEO of Intelligent Fiber Network. Jim Turner is CEO of Intelligent Fiber Network.

Indianapolis-based Intelligent Fiber Network has raised nearly $13 million in equity investment funding. The commercial fiber broadband provider says the funding came from several of its member-owners, as well as one new owner: Wabash Valley Power Association. IFN says the capital raised will allow it to expand and deepen its high-speed fiber network and invest in critical network upgrades that will ensure the ability to scale up for the future.

In an interview with Inside INdiana Business, IFN Chief Executive Officer Jim Turner said the investment is the biggest step the company has made to address the rural broadband issue in Indiana.

"That is partnering with a rural power company and its 23 member-owners," said Turner. "Wabash Valley Power is owned by 23 member distribution electric co-ops and all of these co-ops at some level are beginning to look at the possibility of fiber deployment in their particular areas. Connecting with IFN really helps bring that desire closer to reality in many of these communities that don't have fiber today."

Turner says the decision to seek a new funding round came after discussions with the IFN Board of Directors and member-owners.

"We made the decision that we want to continue significantly growing the business and in our business, growth means capital," said Turner. "It's a very capital-intensive industry to install fiber optic communications and so we realized to pursue the growth that we want, we're going to need to raise additional capital and so we went to our member-owners and we went to a targeted list of other potential owners and that's what resulted in the $13 million capital raise."

An expansion of IFN's current network is one of the main priorities for the funding, according to Turner. He says the company is also looking to deepen its presence in areas where it is already located.

Turner adds the partnership with WVPA "makes great sense" since the association was already an IFN customer. 

"The digitization of electricity networks through fiber-optic connection is an essential means of providing stable, cost effective power," Jay Bartlett, CEO of Wabash Valley Power, said in a news release. "As such, the connected grid presents unique communications challenges to maintain the highest level of cyber security. Partnering with IFN provides us an opportunity to simultaneously connect and secure a complex electrical generation and transmission network."

The capital raise also included contributions from IFN member-owners Heartland Innovations Inc. in Ligonier, Rochester Telephone Co., LightStream in Buffalo, Monon Telephone Co., Citizens Telephone Corp. in Warren, NineStar Connect in Greenfield, and Enhanced Telecommunications in Sunman.

Turner says the investment is the biggest step the company has made to address the rural broadband issue in Indiana.
  • Perspectives

    • How to Find a New Audience After Hitting a Marketing Plateau

      It may sound like a marketer’s dream scenario: efforts have proven to be so successful it appears a company has completely saturated their target audience. While it may be a good problem to have, it still may be a problem. Hitting a marketing plateau is an opportunity for companies in any industry to reevaluate, re-energize and come to the table with new ideas for better understanding existing customers and engaging new audiences.



Company Name:
Confirm Email:
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections


  • Most Popular Stories

    • (image courtesy of The Times of Northwest Indiana)

      Crews Start Demolition of Carson's in Hammond

      The face of downtown retail in Hammond is changing once again with the demolition of Carson’s department store, the one-time the anchor of Woodmar Mall. Our partners at The Times of Northwest Indiana report excavating crews have started to demolish the last vestige of the shopping center which stood since the 1950s. 

    • (photo courtesy of WTHR-TV)

      Andrew Luck Retiring from NFL

      In a shocking development following the Indianapolis Colts' preseason loss to the Chicago Bears, quarterback Andrew Luck has announced his retirement from the NFL. Luck, who did not play in Saturday's game, said the number of injuries he has suffered throughout his professional career "has taken my joy of this game away." Luck teared up during a news conference in which he made his announcement. "After 2016 where I played in pain and was unable to regularly...

    • Shaina Keck

      Pier 48 Manager Named

      FK Restaurant Group has named Shaina Keck sales and banquet manager for Pier 48 Fish House and Bar in downtown Indianapolis. She previously served in sales at Kilroy's Bar & Grill. Keck is a graduate of Indiana University Kelly School of Business with a bachelor of science degree in finance and accounting with a concentration in international studies.  
    • Fort Wayne Tops 'Hottest Real Estate Markets'

      Fort Wayne just opened its brand new riverfront Promenade Park to pomp and pageantry, hoping to make it a draw to Indiana’s second largest city. But now the Allen County community has something else to celebrate. The editors of Realtor.com declared Fort Wayne as the hottest real estate market in July for the entire country. 

    • On-Air

      Find out when and where you can watch and listen to our reports.