Metropolitan Wi-Fi firm Connexin has secured up to a £10m investment to rapidly scale up and expand its smart cities business.
Connexin is using the investment led by Digital Alpha Advisors, which has a strategic partnership with Cisco Systems, to respond to increasing demand among local authorities for smart city technologies.
Connexin is scaling up its work with local authorities to provide Wi-Fi as a public service and for connected devices such as road sensors, energy, and security systems. Connexin’s disruptive model leverages wireless technologies to accelerate deployment and facilitate ubiquitous connectivity.
In addition, Connexin’s investment partner Digital Alpha will enable the firm to offer cash-strapped local authorities new ways of financing technology upgrades that share the risks and rewards. Digital Alpha will underwrite up to £100m in smart city projects in coordination with investment partners.
Connexin CEO Furqan Alamgir says: “The smart cities race has stepped up a gear and this investment lifts Connexin to the front of the field. This investment is accelerating Connexin’s work with local authorities. Working together we can more quickly unlock the societal benefits of the internet of things, which means better transport, cleaner streets, improved health and social care, and a whole lot more.
Smart cities require smart partnerships between the public sector and technology providers. With this backing, we are able to provide local authorities with smart ways to finance technology upgrades that share the risks and the benefits between us and make sense to taxpayers.”
Part of the £10m investment is being used to build a technology campus, which will include a state of the art data centre and Connexin’s new headquarters, and to build out the team for Connexin’s next stage of growth.
Connexin has plans for 100 new jobs at its Hull headquarters and 10 new jobs at its office in London, ranging from apprentices to product managers. Hiring is ramping up over the coming months and details are on the Connexin website.