Quantela Inc., an IoT-enabled solutions provider for Smart Cities, has closed a $40 million in growth capital funding for its new Outcomes-as-a-Service projects and acquisitions from Digital Alpha, a digital infrastructure investment firm.

Quantela and Digital Alpha work on the Outcomes-as-a-Service (“OaaS”) model for Smart Cities and urban infrastructure where they invest in projects and get returns based on outcomes and cost savings.

“The growth capital from Digital Alpha is a validation of the market opportunities that exist for us,” said Sridhar Gadhi, Founder and Executive Chairman, Quantela Inc. “While Quantela has been growing, the funding will enable us to expand our global presence faster through a combination of acquisitions and new OaaS projects.”

Also read: Quantela makes strategic investment in Graymatics

“Digital Alpha is excited to deepen its existing partnership with Quantela, and to fund its outcome-based financing solution for the Company in order to pursue its differentiated OaaS model,”said Rick Shrotri, managing partner at Digital Alpha.

“Quantela has capabilities in Smart Cities, which have delivered tangible outcomes for its customers globally, addressing critical societal issues such as the safety, security and sustainability.”

Quantela invests and sets up projects and recoups the original investment based on actual outcomes of cost savings from deployment of technologies such as smart lighting, smart waste management, user charges such as parking, advertising revenue, traffic violation tickets, or anonymized aggregated data monetization. Quantela has more than 100 smart city deployments.

Quantela's OaaS has been deployed in Kerala. The $20 million project enables the state to reduce road fatalities by improving traffic rules enforcement.

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