Cities globally are in a state of the digital transition that is impacting them in various ways. Cities are also facing a lot of challenges in their quest to digitize their infrastructure like budgetary pressures of having to deliver more with less and capacity pressures due to rapid urbanization.
Now, some of the key concerns for the city administrators are:
- How to find new opportunities for revenue maximization and cost optimization?
- How to attract investments into the city and create vibrant public-private partnerships?
- How to derive value with the data being collected by the city from various sources?
- How to provide a good quality of life for the residents?
With challenges like these, it is imperative for cities 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.
And this is where our innovative market disruptive consumption-based equity financing model can help the cities to launch smart services without worrying about the budget. The model can help cities create smart, safe, and sustainable cities powered with Quantela’s platform – a purpose-built urban infrastructure platform to drive the desired outcomes and achieve the digital transformation of cities. This unique, market-disrupting model of project financing helps Cities jump-start their Smart City projects with minimum upfront capital investment and also share in the incremental revenue upside coming from data monetization opportunities.
Quantela launched the model last year with the city of Erie, PA with many more in different stages: some in progress and others coming soon.
The project is currently in the second phase which is followed by the successful deployment of the pilot project that was implemented on State Street, between 6th and 12th streets in July 2018, and delivered the use cases of smart LED Street Lighting, City Wi-Fi Services and Urban Security around Perry Square.
The second phase of the Secure Smart City™ project is getting implemented in the Opportunity Zones of Erie using the Consumption-Based Equity Financing Model supported by Digital Alpha Advisors LLC, a private equity company focused on financing urban innovation projects. The project scope involves the installation and operations of Quantela’s Atlantis Intelligence Platform with City Wi-Fi Services initially in a 4.54 road mile area of the Opportunity Zones in Erie and then scale gradually to include all of the Opportunity Zones as well as the City.
“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.”https://www.dkoding.in/press-release/quantela-to-roll-out-smart-city-services-in-the-opportunity-zones-of-the-city-of-erie-pa/
The model is helping Erie prepare for the next evolution of the Internet, (which) is the industrial Internet. That is largely about creating industries that deal with the development, adoption, and widespread use of interconnected machines and devices.
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.
We are committed to provide smart services to the cities and help them make intelligent decisions driven by actionable insights. And therefore, help to make their citizen’s lives better.