Cisco has promised to invest $1bn in the UK over the next five years as part of a spending splurge to propel the growth of Internet of Things (IoT) startups.
The company said that the financial commitment will also use capital to acquire new UK companies that help to expand Cisco's IoT portfolio.
This will include snapping up startups working on wireless software, next-generation video systems and cloud-based security technology.
Cisco claimed that the investment will support the UK's 'digitalisation' plans, and £150m will be funnelled into technology startups working on products and services for the financial, retail and healthcare industries and smart city development.
Cisco announced the funding after a meeting between prime minister David Cameron attended by current CEO John Chambers and incoming chief Chuck Robbins.
ameron welcomed Cisco's commitment. "This massive investment from Cisco is great news for the UK's growing digital economy and is a clear vote of confidence in our long-term economic plan," he said.
"It will create jobs and growth across the country, providing security for hard working people."
The investment is a continuation of Cisco's British Innovation Gateway fund that nurtures innovative UK startups and technology entrepreneurs.
It is also a significant step up from Cisco's previous $500m injection of funds into the UK in 2011, which it claimed resulted in $5bn worth of technology and manpower contributions to the UK economy.
Chambers said that the company sees significant potential in the UK's technology industry and startup community.
"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," he said.
Tech up North
A particular focus of Cisco's investment will be aimed at narrowing the economic divide between the north and south of England, a problem that has plagued UK governments for decades.
The company wants to achieve more balance by opening new "centres of expertise" to help bolster the science, technology, engineering and maths skills of students outside London and the South.
The company will fund collaboration between universities, and channel money into skills development by expanding Cisco's apprenticeship programmes.
Cicso will also build out its Networking Academy programme that promotes innovation and entrepreneurship among UK students.
Cisco will not ignore its position in London either, as it will look to double its footprint in the capital by setting up a new office before the end of the year, and creating 200 "high-value" jobs. The firm did not detail what these jobs would be.
V3 contacted Cisco for more details on its investment plans, but the company did not offer a spokesperson.
Cisco is no stranger to investing in the UK, particularly in startup centres. The firm helps to run the Idea London centre to aid the development of IoT startups, and recently expanded its Create IoT innovation centre with a move to Hackney.
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