(Reuters) -Australia’s Firmus announced on Friday an equity raise of A$500 million ($324.90 million) as the artificial intelligence company and potential IPO candidate looks to accelerate development of Project Southgate, its AI infrastructure initiative.

The move comes as global firms push for more investment into infrastructure necessary to compute artificial intelligence technologies amid growing demand for AI-related services.

Proceeds from the equity raise will be used by the company to expand site development, infrastructure deployment, and energy deals for AI factories, or data centres, in selected locations across Australia, the company said in a statement.

“With demand for AI infrastructure accelerating, this funding ensures we can meet it quickly, cost-effectively, and in line

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