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Smart city solutions provider from Cambridge raises $18m

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Cambridge-based smart city solutions provider Telensa has closed a $18m external funding round.

The round, the company’s first external funding, drew equity support from Environmental Technologies Fund and debt funding from Silicon Valley Bank.

A company statement said the newly procured funds would be used to support growing demand in the smart cities market.

“The smart city controls market is awash with pilot applications looking for a business case, LPWA networks waiting for a critical mass of devices, and vendors hoping for a path to profit,”said Will Gibson, CEO at Telensa.

“We’re different. Our networks are proven at commercial scale and our applications are sold on sustainable business case. This investment is recognition of Telensa’s success and enables us to expand to meet the growing demand for our solutions,”he continued.

Patrick Sheehan, founder and partner at Environmental Technologies Fund, said: “Telensa’s success is built on robust wireless technology and an application business case that works for the whole ecosystem. We look forward to helping the team accelerate the growth of this thriving business.”

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