(Aug 21): Goldman Sachs-backed AirTrunk has raised A$850 million ($854 million) to fund the expansion of its two Australian datacenters and a move into Asia to take advantage of a growing cloud computing market.

Deutsche Bank AG underwrote a senior secured loan that will eventually be syndicated to a broader group of lenders, the Singapore-based startup said in a statement Monday. Its latest financing comes on top of a A$150 million six-year term loan from ING Groep NV and Natixis SA secured in February 2017, plus an unspecified amount of funding from Goldman Sachs Group Inc. and an arm of private equity giant TPG.

AirTrunk’s taking advantage of a surge in cloud computing as companies that once ran in-house servers shift storage and processing off-site. AirTrunk provides its clients with the physical space, internet connections, power and cooling for their own servers. Research firm IDC estimates public cloud demand in the Asia Pacific region excluding Japan will hit US$47 billion ($64.2 billion) by 2020.

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