Cisco Systems, the American multinational technology conglomerate based in San Jose, California has announced a $1 billion programme to facilitate city planners adopt technologies that will transform their communities globally. The company said it has the understanding that funds and the expertise needed to make smart city dream a reality are the stumbling blocks.
Under the "City Infrastructure Financing Acceleration Programme", 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.
"Funding is a major stumbling block for municipalities beginning their smart city transformation," said Anil Menon, Global President of Cisco's Smart+Connected Communities. "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 suite of finance instruments to fund and deploy innovative technology with minimal initial investment.
"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 said.
At the Smart City Expo World Congress in Barcelona, Spain, 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. The new features provide better support for public safety.
"Real-time notification of emergency information now draws on additional IoT data sources and Cisco "Spark Collaboration", enabling faster emergency response," the company said.