Hull group raises £80million to take smart cities to the next level
Smart city group, Connexin, has secured an £80m investment from a global fund to build “smarter, more efficient services” for communities.
The money marks an “initial commitment” from Whitehelm Capital, one of the world’s largest independent infrastructure managers.
“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,” explained Furqan Alamgir, Founder & CEO of Connexin.
“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.”
The Hull-based company said that the investment would support its expansion, with the aim of becoming the leader in smart infrastructure and the IoT sector.
“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,” added Tom Maher, Head of Business Development at Whitehelm Capital.
“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 £80 million, Whitehelm has earmarked further capital for investment through the partnership.”
Connexin uses an IoT foundation for its Smart City Operating System, with CityOS centralising information, “to improve the wellbeing and quality of life for individuals.”
“This investment isn’t just about Connexin,” continued Alamgir.
“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.
“By way of example, we create solutions for councils that can monitor air quality and communicate this information with people who suffer with breathing conditions to help against prevent asthma attacks and reduce hospital admissions. We’ve also helped the utility sector with smart metering for leak protection for better water performance to help tackle the problem of 3.1 billion litres of water lost each day due to water leakage.
“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.”