Cimcon raises $33M to expand smart city push as VSBLTY extends LATAM partnership
Smart city technology provider Cimcon has closed a $33 million financing round, including a $23 million Series C round and a $10 million revenue-sharing facility, the company announced. The company says the funds will be used to extend its technology lead in the space, and expand its sales and marketing efforts to meet market demand.
The funding round was led by Digital Alpha, with participation from Energy Impact Partners, which led Cimcon’s Series B round. The revenue-sharing facility is provided by Digital Alpha, and will enable customers to deploy smart city initiatives with minimal upfront investment, according to the announcement.
“The opportunity for growth in smart cities is tremendous and CIMCON is at the forefront of the effort to digitally transform today’s cities,” says 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.”
“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,” states Cimcon CEO Anil Agrawal. “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.”
VSBLTY extends Energetika partnership for Latin American smart city market
VSBLTY Groupe has reached a three-year agreement with intelligent lighting solutions provider Energetika to supply real-time crowd analytics and audience measurement for communities in Latin America.
The two companies previously struck a partnership deal to provide facial recognition for smart city systems in Mexico City and other customers in Latin America.
VSBLTY Vector can be used to look for “persons of interest” or people carrying weapons, while the company’s proprietary DataCaptor software platform provides real-time information.
“We will be providing advanced analytics as well as public safety applications including tracking of persons of interest, weapon detection, and vehicle and crowd analytics using the power of machine learning and computer vision,” explains VSBLTY Co-founder and CEO Jay Hutton. “This contract is expected to generate more than $10 million USD in SaaS revenue to VSBLTY in the initial three years.”
Hutton says the companies have worked closely together to develop a cost-effective public safety camera network with quality facial recognition.