Under the "City Infrastructure Financing Acceleration Programme", the funding will be provided through Cisco Capital, Cisco Systems' investment arm, in partnership with private equity firm Digital Alpha Advisors and pension fund investors APG Asset Management (APG) and Whitehelm Capital.
"Funding is a major stumbling block for municipalities beginning their smart city transformation," said Anil Menon, Global President of Cisco's Smart+Connected Communities.
"With our partners, Cisco will bring the capital and expertise it takes to make smart city projects a reality," Menon said in a statement on Friday.
The programme will help cities assemble suite of finance instruments to fund and deploy innovative technology with minimal initial investment.
"Whether a city is looking to reduce energy usage, ease traffic and parking, or boost public transportation ridership and revenues, the programme will help cities with solutions," Cisco said.
At the Smart City Expo World Congress in Barcelona, Spain, Cisco also announced added functionality to its newly renamed connected digital platform, "Cisco Kinetic for Cities", which is integrated with the "Cisco Kinetic IoT" data platform.
The new features provide enhanced support for public safety.
"Real-time notification of emergency information now draws on additional IoT data sources and Cisco "Spark Collaboration", enabling faster emergency response," the company said.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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