Cisco set to make billion-dollar investment in Smart Cities

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Cisco set to make billion-dollar investment in Smart Cities

So-called “smart cities” have less pollution, safer streets, and better quality of life for citizens. But many finance officers struggle to fund the upgrades that will make their cities smart. At Smart City Expo World Congress in Barcelona., which ended on November 16, Cisco, a manufacturer of networking hardware, networking hardware, telecommunications equipment, announced a major push towards making cities smarter. Cisco Capital, along with Digital Alpha Advisors, a private equity firm, and pension fund investors APG Asset Management and Whitehelm Capital, will invest in a City Infrastructure Financing Acceleration Program which will offers $1 billion in debt and equity capital to cities and operators of urban services for financing innovative smart city technology.

The move comes about weeks after Cisco, alongside Siemens,  as one of the leading smart city technology suppliers. The study, from Navigant Research, argued how the two leading companies have evolved and adapted their city offering. The two companies had also shown an ‘integrated perspective on urban innovation, strong sector-specific solutions, and a commitment to continued thought leadership and city engagement’, the report added.

Anil Menon Cisco - Smart Cities

Anil Menon, Cisco

 Funding is a major stumbling block for municipalities beginning their smart city transformation,

said Anil Menon, global president of Cisco’s Smart+Connected Communities in a statement.

With our partners, Cisco will bring the capital and expertise it takes to make smart city projects a reality.

Author: Tim Cole
Image Credit: Smart City World Congress

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