CIMCON Receives $33 Million in Funding to Extend the Reach of Its Smart Cities Solutions
Digital Alpha and Energy Impact Partners take lead in major expansion for the smart city platform provider
BURLINGTON, Mass., Sept. 10, 2019 /PRNewswire/ -- CIMCON, a leading global provider of smart cities technologies, announced today the closing of a $33 million financing led by Digital Alpha, which includes $23 million in Series C funding and a $10 million revenue-sharing facility. Energy Impact Partners (EIP), who led the Series B also participated in the round. These funds will enable CIMCON to extend its technology lead in the smart city space and expand its sales and marketing efforts to meet the incredible demand in the market.
The $10 million revenue-sharing facility is an innovative structure provided by Digital Alpha, which will empower CIMCON and its city customers to deploy smart city initiatives with minimal upfront investment.
"The opportunity for growth in smart cities is tremendous and CIMCON is at the forefront of the effort to digitally transform today's cities," said Vasa Babic, 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."
"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," said Lindsay Luger, 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."
"We are excited about our collaboration with CIMCON and their adoption of Cisco's Wi-SUN certified Resilient Mesh technology," said Vikas Butaney, 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."
"We are very pleased to share the news of this recent round of funding from two valued partners," said Anil Agrawal, CEO of CIMCON. "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."
Cities and utilities can initiate a customized pilot of the NearSky smart city platform by visiting https://www.cimconlighting.com/streetvantage-smart-city-pilot-program.
About CIMCON Lighting, Inc.
With a heritage of over 25 years of innovation and experience in industrial automation and outdoor wireless applications, CIMCON provides the most proven and most complete smart city solutions to global cities and utilities. The company is the world's leading provider of scalable, 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. Focused on offering solutions that provide the lowest "Lifecycle Cost of Ownership," CIMCON provides hardware and software technologies that allow cities and utilities to monitor, maintain and in many cases, monetize their assets and other devices on or near the light pole. CIMCON's "Just in Time Lighting™," reduces energy, maintenance and repair costs while improving the quality of lighting services and enabling the path to a smart city. For more information, please visit www.cimconlighting.com.
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About Digital Alpha
Digital Alpha is an investment firm focused on digital infrastructure and services required by the digital economy, with a strategic collaboration agreement with Cisco Systems, Inc. As part of this agreement, Digital Alpha has preferred access to Cisco's pipeline of commercial opportunities requiring equity financing. Digital Alpha believes that it is the first fund focused on making private equity investments in the significant growth opportunities required to underpin the Digital Economy, including smart cities, next generation broadband networks, and enterprise data management and communication solutions. http://www.digitalalpha.net
About Energy Impact Partners
Energy Impact Partners (EIP) is an investment firm focused on the conversion of the energy industry towards a decarbonized, decentralized, digitized and electrified future. EIP brings together leading innovators with some of the world's most valuable, forward-looking energy and operating companies to create a cleaner, more secure and resilient future. Through close collaboration with its investor base, EIP connects the best companies, buying power and vision in the industry to bear on the emerging energy landscape. EIP's utility partners include Southern Company, National Grid, Xcel Energy, Ameren, Evergy, Fortis Inc., AGL, Avista, MGE Energy Inc., TEPCO, PTT Public Company Limited, OGE Energy Corp., TransCanada, and Alliant Energy. For more information, visit www.energyimpactpartners.com.
Media Contact:
John Joseph, VP of Marketing, Tel: +1 978-320-4002 x433, Email [email protected]
SOURCE CIMCON
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