Data centre firm Princeton Digital raises $500 mn led by Mubadala

Asian data centre operator Princeton Digital Group has raised $500 million in an equity funding round led by Abu Dhabi state fund Mubadala.
Princeton Digital data centerPDG, formed by the company’s Chairman Rangu Salgame and Chief Operating Officer Varoon Raghavan with Warburg Pincus in 2017, will strengthen its presence in its operating markets in Singapore, India, China, Japan and Indonesia.

Mubadala Investment Company is investing $350 million in PDG, while existing backers Warburg Pincus and Ontario Teachers’ Pension Plan Board participated in the fundraising that topped $500 million, Singapore-based PDG said.

The funding will enable PDG to potentially more than double its secured capacity of 600 megawatts over five years, Reuters reported.

PDG’s competitors include players such as Equinix, Digital Realty and China’s GDS Holdings.