Smart cities are shaping up all over the world, and are being shown to have less pollution, safer streets, and better quality of life for citizens. But many finance officers are struggling to fund the upgrades that will make their cities smarter. In order to help, Cisco (News - Alert) has introduced the City Infrastructure Financing Acceleration Program. It is a $1 billion program aimed to make it easier, faster, and more affordable for cities around the world to fund and adopt technologies that will transform their communities.
The funding reportedly will be provided through Cisco Capital 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 Cisco Smart+Connected Communities. “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 program helps cities assemble the right type or suite of finance instruments to fund and deploy innovative technology with minimal initial investment. Cisco has also recently added functionality to its connected digital platform, Cisco Kinetic for Cities, which integrated with the Cisco Kinetic IoT data platform. Cisco has also announced new purchasing options for Cisco Kinetic for Cities, including prepackaged starter solutions.
Cisco has added a number of new Cisco Kinetic for Cities customers. The Town of Cary, North Carolina, for instance, has created a “Living Lab” providing smart city technologies to improve the lives of citizens. Using the Cisco Kinetic for Cities platform, town officials can actively monitor the number of available parking spots—particularly spots for the handicapped—to gauge use and help with planning. “The Cisco Kinetic for Cities platform provides us the tools we need to positively affect our citizens’ lives,” said Terry Yates, Infrastructure and Network Manager, Town of Cary, North Carolina.