Cisco Investments, the corporate venture investment arm of Cisco, has announced the launch of a $1 billion AI investment fund to support the startup ecosystem and enhance the development of secure AI solutions. The fund has already allocated nearly $200 million to companies like Cohere, Mistral AI, and Scale AI, with a focus on improving customer readiness for AI.
Cohere specializes in security-focused language models and recovery augmented generation capabilities tailored for enterprises. Mistral AI is a global company focused on generative artificial intelligence, while Scale AI provides a data-centric platform for AI applications. Cisco’s recent investments in these companies align with its long-term strategy of driving innovation and partnering with companies to advance technology.
Mark Patterson, Chief Strategy Officer at Cisco, highlights the company’s commitment to being a strategic partner for customers in the AI era. Cisco aims to develop essential technology for AI while investing in the broader AI ecosystem to meet customer needs effectively. By partnering with AI companies on product development, Cisco plans to facilitate joint innovation and remain an unbiased platform player in the AI space.
With over 20 AI-related acquisitions and investments in recent years, Cisco continues to enhance its GenAI and Machine Learning capabilities and integrate AI into its product portfolio. The establishment of the $1 billion AI investment fund demonstrates Cisco’s dedication to the transformative power of AI and its potential to redefine industries globally.
Derek Idemoto, Senior Vice President of Corporate Development and Cisco Investments, emphasizes the fund’s commitment to AI and innovation, supporting entrepreneurs and visionaries shaping the next wave of technology. Cisco’s goal is to be a reliable provider and platform player in the AI space, offering options and support to its global customer base.
Overall, Cisco’s strategic investments in AI companies, combined with its long-standing track record of driving innovation, position the company as a key player in the AI ecosystem. By fostering collaboration, supporting startups, and investing in cutting-edge technologies, Cisco is paving the way for the future of AI and its impact on industries worldwide.
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https://siliconcanals.com/crowdfunding/cisco-announces-1b-global-ai-fund/