Cisco has said it will make strategic commitments worth $1 billion (€906 million) in the UK over the next three to five years, including $150 million of (€136 million) venture capital investments in IoT startups.
The US-based vendor said the investments were being made to help accelerate digital economic growth in the country, the company’s second biggest market.
The $150 million earmarked for IoT startups and venture capital equity investments will be prioritised, Cisco said, and include technology for the financial, retail and healthcare industries.
Smart city development and cybersecurity will see additional investment, with the company also planning to set capital aside for new acquisitions in the country.
John Chambers, the soon-to-exit Chairman and CEO of Cisco, said: "We believe the UK is well on its way to becoming one of the top digitised 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.
“Today, we are pleased to make our next series of strategic commitments, totalling over $1 billion, to support the next phase of the UK's digitisation plans."
Cisco additionally intends to double its footprint in London and create 200 new, “high-value” jobs in the capital by the end of 2015.
Further, the vendor has announced a “major extension” to its British Innovation Gateway (BIG) programme, which provides support for technology startups and entrepreneurs, as well as its Networking Academy education programme.