Singapore-based Princeton Digital Group (PDG) on Tuesday said it has raised more than half a billion dollars in a funding round led by Mubadala Investment Company, Abu Dhabi’s state fund that poured $350 million into the data centre operator.

The existing investors, Warburg Pincus and Ontario Teachers’ Pension Plan Board, also participated in the latest round, PDG said in a statement.

“We are excited to have a leading sovereign fund Mubadala as another blue-chip investor in PDG. Mubadala’s track record of long-term investments combined with extensive know-how in the digital infrastructure space makes it a great partner as we continue to scale our business,” Rangu Salgame, co-founder, chairman and CEO of PDG, said. “We are also heartened by the continued trust and confidence placed by both Warburg Pincus and Ontario Teachers’ in PDG.”

PDG, founded in 2017, aims to use the funds to consolidate its position as a leading data centre operator in Asia by boosting its presence in Japan, India, Singapore, China, and Indonesia and accelerating its expansion plans into other markets.

“We are thrilled to be the lead investor in PDG’s fundraise and partner with the company on its growth journey. PDG is a leading data centre infrastructure platform operating in an attractive market with strong tailwinds and catering to rising demand from the hyperscale segment and more broadly Asia’s digital economies," Khaled Abdulla Al Qubaisi, CEO, Real Estate and Infrastructure Investments at Mubadala, said. "We look forward to working with PDG’s management team to capitalise on the growth opportunities and create not only sustainable, long-term value creation, but also support Asia’s digital infrastructure development as a vital enabler to economic progress.”

PDG, with a portfolio of 20 data centres and more than 600 MW of secured capacity across the five countries, serves hyperscalers, internet and cloud companies, and financial institutions with scalable internet infrastructure as well as data centre services to meet the increasing demand across Asia. Asia is one of the fastest-growing data-centre regions in the world, driven by strong market fundamentals such as a large base of internet users, rising digitalization, high data consumption, and an increasing tech-savvy young population.