Big news! We're investing $1bn in UK tech industry feat John Chambers @phsmithuk @ChuckRobbins #DigitalTransformation pic.twitter.com/SxveePCsng

— Cisco UK & Ireland (@CiscoUKI) July 9, 2015

Chuck Robbins, the excellently named new CEO of multinational tech titan Cisco, swashbuckled into Downing Street today promising to spend $1 billion on UK tech over four years.

Cisco have latched onto the government’s pet buzzphrase “internet of things”, or as Cisco’s PR handlers are calling it the “internet of everything” and have promised to plough $150m into any IoT focused start-up that moves. The investment isn’t to be sniffed at, but we’re still a long way from the tens of billions of VC money that floods Silicon Valley each year…