A new $1 billion program from Cisco is aimed at helping cities adopt smart city technology faster. Cisco has also added features to its smart city platform.
Cisco has created a $1 billion global City Infrastructure Financing Acceleration Program so that cities can more easily fund and adopt smart city technologies.
The funding is being provided through Cisco Capital, which has partnered with the private equity firm Digital Alpha Advisors and pension fund investors APG Asset Management (APG) and Whitehelm Capital.
"Funding is a major stumbling block for municipalities beginning their smart city transformation," said Anil Menon, global president of smart cities for Cisco. "With our partners, Cisco will bring the capital and expertise it takes to make smart city projects a reality. Digital Alpha, APG, and Whitehelm Capital bring a fresh perspective on investment in an area that has previously been perceived as too new and, therefore, too difficult to finance."
The funding is necessary because there's a significant lack in smart city funding, according to McKinsey reports, with more than an extra $5.5 billion needed every year for cities, versus what is available for funding, said Munish Khetrapal, managing director of smart cities for Cisco.
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