Connexin has raised £80 million in funding to further strengthen its position and become the leader in the smart infrastructure and Internet of Things (IoT) sector.
The new investment will support the Hull-based smart city operator’s expansion 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, 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,” said Connexin founder and CEO, Furqan Alamgir.
“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.
“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.”
Tom Maher, Head of Business Development at Whitehelm Capital, added: “In addition to the initial commitment of up to £80 million, Whitehelm has earmarked further capital for investment through the partnership.”