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Cimcon’s latest round of funding includes a revenue-sharing facility that it claims will enable its city customers to deploy smart initiatives with "minimal" upfront costs.
Technology company Cimcon has closed a $33 million financing round, which will extend the reach of its smart city solutions such as its NearSky platform.
Led by Digital Alpha, which specialises in investment for the digital infrastructure and services market, it includes $23 million in Series C funding and a $10 million revenue-sharing facility which Cimcon claims will enable its city customers to deploy smart city initiatives with "minimal" upfront investment.
Energy Impact Partners (EIP), which focuses on the conversion of the energy industry towards a decarbonised, decentralised, digitised and electrified future and who led the Series B, also participated in the round.
Cimcon provides scalable, intelligent wireless outdoor lighting management solutions for traditional, LED and solar-based streetlights, and its smart city platform enables cities to deploy, manage and maintain smart city devices and applications.
It focuses on offering solutions that it claims provide the lowest lifecycle-cost-of-ownership, providing both hardware and software technologies that allow cities and utilities to monitor, maintain and in many cases, monetise their assets and other devices on or near the light pole.
Philadelphia is among the cities to have implemented Cimcom’s NearSky smart city platform and lighting controllers.
“The opportunity for growth in smart cities is tremendous and Cimcon is at the forefront of the effort to digitally transform today’s cities,” said Vasa Babic, partner at Digital Alpha.
“[The funds] make it easier for cities to move their visions from the drawing board to the city streets”
“Cimcon’s ability to simplify large-scale sensor deployments, the potential for analytics based on sensor data, and the alignment with Cisco’s market-leading Kinetic for Cities platform, make this an obvious and attractive investment opportunity.”
Anil Agrawal, CEO of Cimcon, said the funds will allow the company to develop new applications and services and deepen its partnership with Cisco. “And make it easier for cities to move their visions from the drawing board to the city streets,” he added.
Energy Impact Partners said its initial investment in Cimcon was predicated upon a belief that the company could scale its networked lighting controls business and leverage that to become a leader in the smart city ecosystem,” said Lindsay Luger, partner at EIP.
“The progress the company has made in developing an industry-leading smart city platform, while attracting a growing number of forward-thinking utilities and cities has demonstrated the market viability of this vision.”
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