Cisco Investments, the venture arm of Cisco, has initiated a USD 1 billion AI investment fund to empower startups and enhance the creation of secure and dependable AI solutions.
Among its strategic investments under this fund are Cohere, Mistral AI, and Scale AI, aiming to bolster customers' AI preparedness and align with Cisco's AI innovation roadmap.
As of now, Cisco has allocated nearly USD 200 million from the total fund.
Derek Idemoto, Cisco's Senior Vice President of Corporate Development and Cisco Investments, stressed the significance of the newly established USD 1 billion AI investment fund by commenting, "This fund represents our unwavering commitment to AI and innovation, and to the entrepreneurs and visionaries who are defining the next wave of technology."
Cisco's AI Ambitions
Artificial intelligence is rapidly transforming all sectors and global dynamics, underscoring the critical role of technology in business operations. According to a 2023 IDC study, the global AI market is poised to surpass USD 500 billion in the next three years, highlighting its exponential growth.
Thus, enterprises, including Cisco, have an opportunity to harness generative AI to enhance their offerings significantly, catering better to their customers and end users.
Mark Patterson, Cisco's Chief Strategy Officer, emphasized Cisco's longstanding commitment to innovation through strategic investments, particularly in generative AI companies. "At Cisco, we believe we are well positioned to be the best strategic partner for our customers in the AI era as they look to build, secure, and power AI. In addition to building essential technology to connect, secure and advance AI, Cisco is committed to investing in the broader AI ecosystem to more effectively meet our customers' needs."