Majitek confirmed that it has completed a US$7.5 million round of equity funding welcoming Cisco Systems to its share register. Also participating in the round is Majitek's current investor, Pierce & Pierce.
The Majitek Software Platform enables any device or system connected to a network to be accessed on a pay per use basis. Combined with its highly-scalable Cloud Computing architecture, it is positioned to enable all devices and systems within an entire city to be offered as 'utility services'.
The global investment agreement will allow the company to further enhance its product and solution offering's to meet the needs of the Connected Real Estate market. The funds will also be used to expand Majitek's international operations, including opening a permanent office in Dubai to work more closely with its real estate industry customers and partners in the Middle East and other emerging markets across the world.
Majitek also expects to work with Cisco's Globalisation Centre East based in Bangalore, India to develop a software platform that will enable the creation and delivery of innovative services for the real estate industry and others including transportation, smart grid and safety & security. This platform will serve as an enabler to 'Intelligent Urbanization,' realizing the 'city as a service' vision in emerging markets.
Source: Business Wire India
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