The upcoming VB Transform 2024 event is set to take place from July 9-11 in San Francisco, where over 400 business leaders will convene to discuss the latest developments in GenAI strategies. Cisco Investments recently launched a $1 billion AI investment fund to support startups like Adhere, Mistral AI, and Scaling AI, emphasizing collaboration and innovation. Cisco CEO Chuck Robbins highlighted the company’s unique approach to investments and co-development activities rather than just providing financial support.
The generative AI market is expected to reach nearly $137 billion by 2030, prompting companies like Cisco to make strategic investments in promising startups in the AI space. Mistral AI, Cohere, and Scale AI are among the companies receiving support from Cisco, with substantial funding rounds and growing valuations. Mistral AI, in particular, has been making waves with its advanced AI models and upcoming financing that could value the company at $6 billion.
Cohere, known for its security-focused Large Frontier Language Models, and Scale AI, a provider of training and validation for AI applications, have also received funding from Cisco as part of their growth strategies. Cisco’s commitment to supporting innovative AI companies is driven by the desire to address customer needs, solve complex technical challenges, and foster long-term partnerships with portfolio companies.
Cisco CEO Chuck Robbins underscored the rapid pace of AI development and adoption, comparing it to previous technological advancements like cloud computing and 5G. He emphasized the transformative potential of AI and the need for businesses to adapt quickly to leverage its capabilities effectively. As AI continues to evolve, companies like Cisco are investing in cutting-edge technologies and fostering collaborations to drive innovation and stay ahead in the AI landscape.
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https://venturebeat.com/ai/new-cisco-ai-investment-fund-not-just-another-billion-dollars-ceo-says/