ST Engineering expands smart city business to Israel

It set up a subsidiary with an initial investment of $360,000.

ST Engineering has set up a wholly-owned subsidiary in Israel focusing on smart city business, with an initial equity injection of $360,000 (NIS900,000).

The subsidiary, ST Engineering (Israel) Smart Cities, will be engaging in the growing autonomous vehicle and robotics businesses.

Last year, the company expressed plans to expand its smart city plans in the US, Southeast Asia and the Middle East. It also launched CitySense, its suite of Smart City solutions aimed at addressing issues like city congestion, lack of physical and cybersecurity, energy inefficiencies and utility wastages.

According to a report by DBS Group Research, the firm’s smart city initiatives could drive its growth in the long term as it aims to double its annual revenues in the market to about $1b by 2022.