Alphabet has contributed to a $400m for Sidewalk Infrastructure Partners, a spinoff from the conglomerate’s smart cities technology subsidiary Sidewalk Labs.
Sidewalk Infrastructure Partners (SIP), an infrastructure spinoff from smart cities technology developer Sidewalk Labs, has raised $400m in series A funding from internet and technology conglomerate Alphabet, Fortune reported on Thursday.
Pension fund manager Ontario Teachers’ Pension Plan also contributed to the round, which closed in September 2019, according to a regulatory filing surfaced by Fortune.
Founded in 2018, SIP is working to solve large-scale infrastructure challenges focused around four key areas: the circular economy, transportation and mobility, energy and digital infrastructure.
SIP acts as a holding firm that will both invest in startups and acquire physical assets, such as recycling plants. It made its first investment in November 2019, backing waste recycling robot developer AMP Robotics’ $16m series A round.
SIP hopes to avoid the political and regulatory pitfalls faced by Sidewalk Labs, itself a subsidiary of Alphabet, by partnering local officials to understand their needs rather than lobbying for the adoption of a product.
Jonathan Winer, co-chief executive of SIP, said: “Once we have a thesis, we act as a convener. We bring together groups of people, including technologists, Alphabet executives, traditional infrastructure players and policymakers.”