London-based smart city operator Connexin has secured around £80 million in a fresh funding round to meet the growing demand in the UK, the media reported.
The funding will help Connexin become a leader in the smart infrastructure and internet of things (IoT) sector.
The investment has come from Australia-based independent infrastructure manager Whitehelm Capital, who will acquire a majority stake in the London-based tech company.
Furqan Alamgir, founder and chief executive at Connexin told the media, “Now more than ever, we have been taught by the pandemic the true value of technology and the societal benefits that it has for citizens. At Connexin, we’re building sustainable, programmable infrastructure for today and tomorrow.”
“We are extremely excited to be working with the Whitehelm team and look forward to continuing our commitment to building programmable infrastructure of the future that will address future challenges, drive economic savings, promote a better quality of life and create environmental improvements.”
Established in 2006, Connexin develops IoT and smart city solutions for a variety of urban issues: waste management, flood prevention, water and electricity usage, mobility and parking.
Last year, the firm delivered UK’s first purpose-built Smart City Operating System for Hull City Council.
Alamgir further said, “This investment isn’t just about Connexin. It affects every community. Everyone deserves clean air, tidier streets, safer roads. By allowing all communities to have access to our digitally connected infrastructure, it enables connected devices to “speak” to one another which paves the way for amazing things. With this investment, we can replicate the success we have in building smart communities across the country. It’s how we all want to live by just being smarter.”