Quantela works with Cisco to introduce Outcome-based Project Financing for smart city projects

Quantela Inc. and Cisco have developed a unique, market disruptive Outcome-based Project Financing Model that will be launched at the Smart City Expo World Congress. The model can help cities get started on their Smart City projects by converting the upfront CapEx investment to an Outcome-based payment, that is tied to achieving solution SLAs and project KPIs.

Cities globally are in a state of transition that is impacting them in multiple ways. Budgetary pressures of having to deliver more with less; Capacity pressures due to rapid urbanization. 

Some of the key concerns on the minds of City Mayors are: How can they find new opportunities for revenue maximization and cost optimization? How can they attract investments into the city and create vibrant public-private partnerships? How do they derive value with the data being collected by the city from various sources? How can they provide a good quality of life for the residents?

With such radical forces in action, it is imperative for cities and Municipal Corporations globally to adopt different financial structures that would help them acquire new technology to deliver more efficient and cost-effective urban infrastructure services like reducing energy consumption for public street lighting, reducing traffic congestion and improving revenues from city parking, improving efficiencies related to waste collection and bridging the digital divide using City Wi-Fi Services.

One of the first cities in North America that has embraced the outcome-based Project Financing Model is the City of Erie, PA to launch the second phase of its Secure Smart City project that will be implemented in the Opportunity Zones of Erie. The project scope will involve the operations of Cisco Kinetic for Cities (CKC) Platform combined with Quantela's Atlantis Intelligence Solution to launch smart city services.

“Cities worldwide are harnessing the power of technology to reduce traffic congestion, bridge the digital divide, enhance connectivity, promote economic development, fight crime and make local governments more sustainable and resilient,” said Mayor Schember. “We are excited to partner with Cisco Systems and Quantela to execute this ambitious project and what it can mean for Erie's growth as a center of innovation.”