Cisco puts $1bn towards UK Internet of Things sector

Cisco is pouring $1bn into the UK IoT sector

Cisco is pouring $1bn into the UK IoT sector

Cisco announced this week it is investing hundreds of millions of dollars into a range of UK initiatives over the next three to five years aimed at accelerating local development of Internet of Things solutions.

Cisco said it plans to spend $150m on funding startups that develop IoT solutions for retail, healthcare and smart city applications.

The company plans to use much of the revenue expanding local networking training initiatives, fund technology centres of excellence in the north, double its central London footprint by the end of this year, and add 200 new jobs to its UK division.

“We believe the UK is well on its way to becoming one of the top digitized countries in the world, and we’re proud to once again activate new programmes and continue our deep commitment to partnering with the UK government,” said John Chambers, chairman and chief executive of Cisco.

“Today, we are pleased to make our next series of strategic commitments, totalling over $1bn, to support the next phase of the UK’s digitization plans,” he added

The move follows similar investments made in 2011, when the company launched the British Innovation Gateway, a UK-wide series of initiatives and partnerships aimed at supporting local digital startups; Cisco ploughed about $500m into that initiative.

According to the company, the UK is its second largest market outside of the US. Earlier this week Cisco also announced a $100m initiative in France to help fund local Internet of Things (IoT) startups, partner with local businesses and cultivate IoT-specific skills.