- Smart cities technologies company CIMCON announced recently that it raised $33 million in funding
CIMCON — a leading global provider of smart cities technologies — announced that it raised $33 million in funding led by Digital Alpha, including $23 million in Series C funding and a $10 million revenue-sharing facility. Energy Impact Partners also participated in the round.
This funding round will enable CIMCON to extend its technology lead in the smart city space and expand its sales and marketing efforts to meet the demand in the market. And the $10 million revenue-sharing facility will empower CIMCON and its city customers to deploy smart city initiatives with minimal upfront investment.
“We are very pleased to share the news of this recent round of funding from two valued partners,” said CIMCON CEO Anil Agrawal. “We have proven through our technology, our customers, and our results that the world is ready to embrace smart city technology as a critical component to urban planning and design. These funds will allow us to develop new applications and services and deepen our partnership with Cisco – and make it easier for cities to move their visions from the drawing board to the city streets.”
CIMCON Lighting has a heritage of more than 25 years of innovation and experience in industrial automation and outdoor wireless applications. And CIMCON is known for providing the most proven and most complete smart city solutions to global cities and utilities.
“The opportunity for growth in smart cities is tremendous and CIMCON is at the forefront of the effort to digitally transform today’s cities,” added Vasa Babic, a Partner at Digital Alpha. “CIMCON’s ability to simplify large-scale sensor deployments, the potential for analytics based on sensor data, and the alignment with Cisco’s market-leading Kinetic for Cities platform, make this an obvious and attractive investment opportunity.”
CIMCON Lighting is the world’s leading provider of scalable and intelligent wireless outdoor lighting management solutions for traditional, LED, and solar-based street lights. And the company’s smart city platform provides an easy way to deploy, manage, and maintain smart city devices and applications.
“Our initial investment in CIMCON was predicated upon a belief that the company could scale its networked lighting controls business and leverage that to become a leader in the smart city ecosystem,” explained Lindsay Luger, a Partner at Energy Impact Partners. “The progress the company has made in developing an industry-leading smart city platform, while attracting a growing number of forward-thinking utilities and cities has demonstrated the market viability of this vision.”
CIMCON is focused on offering solutions that provide the lowest “Lifecycle Cost of Ownership.” And CIMCON provides hardware and software technologies that allow cities and utilities to monitor, maintain, and monetize their assets and other devices on or near the light pole. Plus CIMCON’s “Just in Time Lighting” platform reduces energy, maintenance, and repair costs while improving the quality of lighting services and enabling the path to a smart city.
“We are excited about our collaboration with CIMCON and their adoption of Cisco’s Wi-SUN certified Resilient Mesh technology,” commented Vikas Butaney, the Vice President of Cisco’s IoT Product Management. “By bringing together Cisco’s IoT Networking portfolio and CIMCON’s smart city sensor offer we can enable new smart city use cases that can increase operational efficiency while providing an enhanced citizen experience. This collaboration will be integral for driving further technology alignment and accelerate go-to-market opportunities.”
