Hawaiki said a second cable system out of New Zealand would bring "true competition to the market" and provide "security of supply necessary for the country to host international data centres".
Hawaiki Cable chief executive Rémi Galasso said New Zealand had all the "necessary ingredients for the development of a datacentre industry".
'The missing link is submarine cable diversity with a direct access to the United States," Galasso said.
Pacific Fibre - which was backed by Trade Me founder Sam Morgan - also hoped to build an internet cable between New Zealand, Australia and the United States but failed to gather enough funds for the build.
As it stands, New Zealand has only one international internet link - the Southern Cross cable system.
Telecom, Vodafone and Telstra have also announced plans to build a new undersea telecommunications cable between Auckland and Sydney.
The companies said in February that the new cable, tentatively titled the "Tasman Global Access" cable, would "significantly improve New Zealand's international telecommunications connectivity as well as strengthen links into fast-growing Asian markets."
The total cost of the cable is expected to be less than US$60 million ($NZ70.9m).