Australian investment firm Alceon is investing in local data center firm Insite DC.

Announced this week, Alceon said it is aiming to invest at least AU$100 million (US$72m) in initial capital to accelerate site acquisitions and development along Australia’s east coast. The investment was made through its newly launched Data Centre Catalyst Fund.

Founded last year, Insite DC will use the funding to accelerate its development pipeline, expanding its land bank, and support the delivery of data centers in target locations across Melbourne and Sydney.

Alceon said it aims to find powered land sites to support Insite DC’s data center build-out, as well as sell land to third-party operators for development. The company will work with its affiliate advisory company, Formus Property, to identify sites and secure land.

David Gribble, Alceon CEO, said: “Digital infrastructure is one of the highest-conviction investment thematics globally, underpinned by structural demand for data, cloud services, and AI compute. Insite DC represents a compelling opportunity to partner with an experienced and deeply credentialed platform, focused on delivering critical infrastructure in key Asia Pacific markets. Together with Formus, we have a differentiated ability to access strategic landholdings and unlock value through secured power, the defining constraint in this market.”

Full details of Insite’s planned facilities haven’t been shared. The company’s website suggests 100MW of capacity is planned across six sites.

Nauman Akhtar and Anik Akhter, co-founders at Insite DC, said: “We are excited to partner with Alceon as we scale our platform to meet the next wave of demand driven by artificial intelligence and cloud technologies. Our focus is on delivering flexible, scalable, and energy-efficient data center campuses that serve both hyperscale and enterprise customers at the highest standard. With Alceon’s backing, we are well-positioned to accelerate our developments in Melbourne and Sydney and expand our presence across the JAPAC region.”

Founded in 2010, Alceon Group is an Australian venture capital, private equity, and investment firm. This is the firm’s first data center investment.