Cisco Investments, the venture investment arm of Cisco, has unveiled a $1 billion AI investment fund aimed at fortifying the startup ecosystem and fostering the growth of secure and dependable AI solutions worldwide. In an effort to boost customers’ AI readiness and align with Cisco’s AI innovation strategy, the company is strategically investing in Cohere, Mistral AI, Scale AI, and others as part of this initiative. Nearly $200 million of the $1 billion fund has already been allocated by Cisco.
The rapid evolution of AI is reshaping industries at an unprecedented rate, highlighting the crucial role of technology in global business interactions. According to recent research by IDC (2023), the global AI market is projected to double in size, exceeding $500 billion within the next three years. Enterprises, including Cisco, are presented with an opportunity to leverage AI advancements, particularly Gen AI, to enhance their offerings and better serve their clientele.
Mark Patterson, Chief Strategy Officer at Cisco, emphasized the company’s commitment to driving innovation through strategic partnerships and investments. He stated, “Our recent investments in generative AI companies align perfectly with this long-standing strategy. At Cisco, we believe we are well positioned to be the best strategic partner for our customers in the AI era.”
Cisco’s dedication to AI innovation is evident through over 20 AI-focused acquisitions and investments made in recent years, which have enhanced Gen AI and machine learning capabilities across its portfolio. These investments complement Cisco’s holistic strategy to facilitate connectivity and security in the AI era.
The establishment of the new AI fund underscores Cisco’s belief in the transformative potential of artificial intelligence. Derek Idemoto, Senior Vice President of Corporate Development and Cisco Investments, expressed the company’s commitment to fostering AI innovation and supporting visionary entrepreneurs shaping the future of technology.
With a rich history of delivering innovation through various strategies, including R&D, investments, M&A, and partnerships, Cisco aims to leverage its expertise to help enterprises worldwide harness the power of secure, reliable, and trustworthy AI solutions. Today’s announcement marks a significant step forward in Cisco’s mission to empower businesses in the AI era.
