UK-based wireless internet provider Connexin has secured up to £10m ($13m) in funding from Digital Alpha, a private equity fund in partnership with networking hardware manufacturer Cisco.
Founded in 2006, Connexin provides local authorities with metropolitan wifi networks for use by the public and assorted connected devices, such as road sensors, to enable smart cities.
This year Connexin landed a 10-year deal with Hull City Council to provide wifi to select locations in the centre of the city in England. The company will use the investment to build a technology centre at its new headquarters and add 110 new employees.
As part of the deal, Digital Alpha, along with undisclosed additional investors, has agreed to underwrite up to £100m in smart city projects to help local authorities finance technology upgrades.
Furqan Alamgir, Connexin’s CEO, said: “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.”