Cisco Promise to invest $1bn in UK startups

Cisco has promised to invest $1bn in the UK over the next five years as part of a spending splurge to propel the growth of Internet of Things startups. Cisco Promise to invest $1bn in UK startups

The company said that the financial commitment will also use capital to acquire new UK companies that help to expand Cisco’s IoT portfolio.

Cisco claimed that the investment will support the UK’s ‘digitalisation’ plans, and £150m will be funnelled into technology startups working on products and services for the financial, retail and healthcare industries and smart city development. Cisco Promise to invest $1bn in UK startups

Cisco announced the funding after a meeting between prime minister David Cameron attended by current CEO John Chambers and incoming chief Chuck Robbins. Cisco Promise to invest $1bn in UK startups

“This massive investment from Cisco is great news for the UK’s growing digital economy and is a clear vote of confidence in our long-term economic plan,” he said.

The investment is a continuation of Cisco’s British Innovation Gateway fund that nurtures innovative UK startups and technology entrepreneurs. Cisco Promise to invest $1bn in UK startups

It is also a significant step up from Cisco’s previous $500m injection of funds into the UK in 2011, which it claimed resulted in $5bn worth of technology and manpower contributions to the UK economy.

A particular focus of Cisco’s investment will be aimed at narrowing the economic divide between the north and south of England, a problem that has plagued UK governments for decades. Cisco Promise to invest $1bn in UK startups

The company will fund collaboration between universities, and channel money into skills development by expanding Cisco’s apprenticeship programmes.

Cisco will not ignore its position in London either, as it will look to double its footprint in the capital by setting up a new office before the end of the year, and creating 200 “High-value” jobs.

V3 contacted Cisco for more details on its investment plans, but the company did not offer a spokesperson.

Cisco is no stranger to investing in the UK, particularly in startup centres. Cisco Promise to invest $1bn in UK startups

The firm helps to run the Idea London centre to aid the development of IoT startups, and recently expanded its Create IoT innovation centre with a move to Hackney.

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