IoT, smart cities, STEM education, video delivery and cloud-based security among funding goals
A high-level meeting earlier this month between United Kingdom Prime Minister David Cameron and Cisco Chairman and CEO John Chambers yielded a $1 billion investment plan from the networking giant.
Cisco plans to invest seven figures in the U.K. over the next three to five years, which follows a $500 million investment kicked-off in 2011. Of the $1 billion, $150 million is set to go toward “Internet of Things”-related start-ups and venture capital investment, which covers the financial, retail and healthcare verticals along with smart cities projects.
A portion of the total will also be allocated toward acquisitions with an eye on wireless software, video delivery and cloud-based security. Education is another funding priority, with money set aside for the Cisco Networking Academy program, which pushes science, technology, engineering and mathematics education along with entrepreneurship.
Cameron said the “massive investment from Cisco is great news for the U.K.’s growing digital economy and is a clear vote of confidence in our long term economic plan. It will create jobs and growth across the country, providing security for hard working people.”
Chambers, who was joined in the meeting by his soon-to-be-successor Chuck Robbins and Cisco’s U.K. and Ireland Chief Executive Phil Smith, said the U.K. is working to become “one of the top digitized countries in the world, and we’re proud to once again activate new programs and continue our deep commitment to partnership with the U.K. government.”
“Since 2011 we have delivered over and above on every objective we set with government in our prior commitments – encouraging technology, innovation and entrepreneurship,” Chambers said. “Through the British Innovation Gateway initiative, we have supported the government’s ambition to create world class technology hubs across the country, generate jobs, diversify the economy and support sustainable growth. Today, we are pleased to make our next series of strategic commitments, totaling over [$1 billion], to support the next phase of the U.K.’s digitization plans.”
