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Cisco stumps $1bn to finance smart city projects

IT equipment giant Cisco is evidently frustrated by the pace of the smart city market, and has launched a $1bn fund to help cities get the ball rolling. Providing initial financing, in partnership with pension fund APG, Whitehelm Capital, and private equity firm Digital Alpha Advisors, Cisco is planning on securing some nice stable revenues out of these city projects – and is expanding its Cisco Kinetic for Cities platform. Smart Cities represent a huge opportunity for tech firms looking to expand. However, cities are normally strapped for cash, especially so in the wake of the 2008 financial crisis. Many cities will be aware of the benefits that smart city tech could provide, but are unable to front the cash…

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