Funding secured for rural broadband network

WOODSTOCK, N.B. — Internet services provider Barrett Xplore Inc. said Tuesday it has secured $55 million in private funding to build an advanced broadband network in rural Canada.

WOODSTOCK, N.B. — Internet services provider Barrett Xplore Inc. said Tuesday it has secured $55 million in private funding to build an advanced broadband network in rural Canada.

The new investment consists of $30 million from existing investors and $25 million in new equity investment, Barrett said in a news release. Barrett provides Xplornet Internet services and said it will build a fourth-generation network based on WiMAX technology to cover rural Canada with roughly 1,200 towers with a new satellite network.

Deployment of the network began this month in Quebec.