Tech titan Alphabet (NASDAQ:GOOGL) is seeking external investment for its Wi-Fi and internet connectivity business, GFiber, according to an exclusive report by Reuters. The company is looking to expand its GFiber business to more cities in the U.S. which currently exists in limited cities.
GFiber is owned by Google’s parent company, Alphabet, and competes with bigger Internet service providers like Verizon (VZ) and AT&T (T).
GFiber was launched in 2012 and has since expanded to 15 states and is aiming to increase internet speed by around 100 times. According to Reuters, over the past six years, GFiber has tripled its customer base and has signed deals targeting more than 25 cities.
Alphabet’s President and Chief Investment Officer Ruth Porat noted that this internet service aims to raise external capital for technical leadership and is looking at a wider reach facing rising competition. Alphabet declined to disclose…
