Hull-based Smart City firm Connexin has raised an initial commitment of up to £80m as it aims to make UK cities smarter and safer.
The technology company specialises in building and operating Smart City Infrastructure to support the Internet of Things.
The capital comes from independent infrastructure manager Whitehelm Capital, and will be used to accelerate its business strategy and maintain resilience, while responding to the market demand for smarter infrastructure and technology.
The new investment will also support the expansion of the business to meet the expected growth in demand for smart networks in UK cities and their connecting infrastructures.
Connexin, which ranked No. 7 in BusinessCloud’s 100 SmartTech Innovators 2020, last year city provided Hull with a ‘CityOS’ platform, enabling it to become a ‘programmable city’.
It did so by connecting council services and centralising information that can be analysed and used to make better decisions about how to improve life in the area.
Furqan Alamgir, founder and chief executive of Connexin, said: “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.
“This financing further validates the digital transformation we have delivered within cities, communities and the utility sector through our leadership and innovation in the smart infrastructure and IoT space.”
“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.”
Tom Maher, head of business development at Whitehelm, added: “Whitehelm is delighted to partner with Connexin to support the development of digital infrastructure in the UK.
“At a time when connectivity has become more important than ever, we have identified a significant need to invest in regional networks and support local communities. Connexin’s long and successful track record in providing connectivity services to these local communities, businesses and municipalities make it a perfect partner.
“Connexin and its founders Furqan Alamgir and Alex Yeung have an outstanding track record in developing digital infrastructure and we are looking forward to a successful partnership. In addition to the initial commitment of up to £80m, Whitehelm has earmarked further capital for investment through the partnership.”