Smart City operator Connexin has announced that it has raised an initial commitment of up to £80 million in funding to further strengthen its position and become the leader in the smart infrastructure and Internet of Things sector.
The new investment will support the expansion of the business to meet the expected growth in demand for smart networks in UK cities and their connecting infrastructures, enabling better connectivity, as well as smarter, more efficient services to communities.
The large injection of capital has been provided by Whitehelm Capital (Whitehelm), one of the world’s largest independent infrastructure managers.
Connexin has already achieved many ground breaking achievements in a short time frame. In 2019, Connexin delivered the UK’s first purpose built Smart City Operating System for Hull City Council and this year helped Amey implement Connexin’s CityOS platform to improve highway maintenance services across Sheffield. The added investment from Whitehelm will enable Connexin to accelerate its business strategy and maintain resilience, whilst responding to the market demand for smarter infrastructure and technology.
Furqan Alamgir, Founder & CEO of Connexin said: “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.
“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.”
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Tom Maher, Head of Business Development at Whitehelm Capital said: “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 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.”
Alamgir added, “This investment isn’t just about Connexin. 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. 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.”