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Cisco launches $1 billion investment fund for AI industries

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In Short:

Cisco Investments, the investment arm of US-based Cisco, has launched a $1 billion fund to invest in startups and develop secure AI solutions. Cisco has already committed $200 million to this fund. The company has made strategic investments in AI companies like Cohere and Mistral AI. Cisco believes in the potential of AI to redefine industries and is committed to investing in the AI ecosystem. The global AI market is expected to double to over $500 billion in the next three years.

Cisco Investments Launches $1 Billion Fund for AI Solutions

Cisco Investments, the corporate venture arm of US telecom gear maker Cisco, has announced the launch of a $1 billion fund dedicated to investing in the startup ecosystem and expanding the development of secure and reliable artificial intelligence (AI) solutions.

Strategic Investments in AI Startups

As part of the new AI fund, Cisco has already made strategic investments in Cohere, Mistral AI, and Scale AI, among others. These investments aim to advance customers’ AI readiness and complement Cisco’s AI innovation strategy.

Commitment to AI Innovation

Cisco has committed nearly $200 million of the $1 billion investment fund to date. Mark Patterson, Chief Strategy Officer at Cisco, emphasized the company’s long-standing strategy and its positioning as a strategic partner for customers in the AI era.

Patterson also highlighted Cisco’s commitment to investing in the broader AI ecosystem to meet customers’ evolving needs. The company has made over 20 AI-focused acquisitions and investments in recent years, enhancing its GenAI and Machine Learning capabilities.

Global AI Market Projection

A research study by the International Data Corporation (IDC) projected that the global AI market is set to double in size to over $500 billion in the next three years. Cisco sees an opportunity for enterprises to leverage Generative AI to enhance their products and services, improving customer experiences.

Committed to AI Innovation

Derek Idemoto, SVP of Corporate Development and Cisco Investments, expressed the company’s unwavering commitment to AI and innovation through the establishment of the $1 billion AI investment fund. Cisco aims to support entrepreneurs and visionaries shaping the future of technology.

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