Cisco has announced a $1 billion programme to help city planners adopt technologies that will transform their communities globally.
The funding will be provided through Cisco Capital, Cisco Systems’ investment arm, in partnership with private equity firm Digital Alpha Advisors and pension fund investors APG Asset Management (APG) and Whitehelm Capital. Under the “City Infrastructure Financing Acceleration Programme”.
According to Anil Menon, Global President of Cisco’s Smart+Connected Communities, “Funding is a major stumbling block for municipalities beginning their smart city transformation.”
“With our partners, Cisco will bring the capital and expertise it takes to make smart city projects a reality,” Menon said in a statement on Friday.
The programme will help cities assemble a suite of financial instruments to fund and deploy innovative technology with minimal initial investment.
According to Cisco, “Whether a city is looking to reduce energy usage, ease traffic and parking, or boost public transportation ridership and revenues, the programme will help cities with solutions.”
Cisco also announced added functionality to its newly renamed connected digital platform, “Cisco Kinetic for Cities”, which is integrated with the “Cisco Kinetic IoT” data platform, at the Smart City Expo World Congress in Barcelona, Spain.
“Real-time notification of emergency information now draws on additional IoT data sources and Cisco “Spark Collaboration”, enabling faster emergency response,” the company added.