US-based networking technology provider Cisco reserved $150m yesterday for venture capital investments in UK-based ‘internet of everything’ startups as part of a $1bn investment initiative in the country.
Cisco, which generally provides early-stage funding through its Cisco Investments unit, will target UK-based companies applying internet-connected technology to smart cities and the retail, healthcare and financial sectors, as well as cybersecurity startups.
The $150m in proposed investments follows Cisco’s establishment in January 2014 of a $100m specialist internet of everything fund.
The $1bn will be invested in the next three-to-five years and will support the UK’s digitisation plans, with funding to go to education and skills initiatives and an expansion of Cisco’s British Innovation Gateway scheme.
The company also plans to spend some of the capital on strategic acquisitions in the country. It acquired UK-based mobile device component maker Ubiquisys for $310m in 2013.
Cisco, which previously pledged $500m in investment in the UK in 2011, has also announced corporate venturing initiatives in Canada, India and France over the past 18 months.