BURLINGTON, MA— CIMCON, a provider of smart cities technologies, announced 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, CIMCON said in a statement.
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.”