Cisco, a renowned global technology company, has recently announced the unveiling of a new $1 billion fund dedicated to investing in artificial intelligence (AI) startups. This initiative, led by Cisco Investments, aims to bolster the AI startup ecosystem and support the development of secure and reliable AI solutions.
As part of this new fund, Cisco has already made strategic investments in various specialist AI companies, including Mistral AI, Cohere, and Scale AI. These companies focus on different aspects of AI, such as security-focused large language models, generative AI, and data-centric platforms for AI applications.
One of the key investments made by Cisco is in Scale AI, where they have become the largest strategic investor in the company’s Series F funding round. This investment highlights Cisco’s commitment to advancing AI innovation and enhancing AI readiness for its customers.
In recent years, Cisco has completed over 20 AI-focused investments and acquisitions, strengthening its GenAI and machine learning capabilities across its product portfolio. The company plans to continue collaborating with AI companies to co-innovate and provide diverse options for its global customer base.
Mark Patterson, Cisco’s chief strategy officer, expressed enthusiasm about the recent investments in generative AI companies, stating that they align well with Cisco Investments’ long-standing strategy of driving innovation in core markets and strategic areas.
Overall, Cisco’s $1 billion fund marks a significant step towards furthering AI innovation and supporting the growth of AI startups, ultimately contributing to the advancement of AI technology across various industries.
