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Cisco Systems Inc (NASDAQ:CSCO) shares are ticking higher today. Cisco Investments, the global venture arm of Cisco, has introduced a $1 billion AI investment fund to support startups and enhance the development of secure AI solutions.
As part of this initiative, Cisco is making strategic investments in companies like Cohere, Mistral AI, and Scale AI to advance customer readiness and complement Cisco’s AI innovation strategy.
Nearly $200 million of the fund has already been allocated, with further investments to follow.
AI is transforming industries at an unprecedented pace, affecting global business interactions and technological reliance.
Recent research from IDC (2023) suggests that the global AI market will double to over $500 billion within three years. Cisco has a significant opportunity to leverage generative AI to enhance its products and services and better serve its customers and end users.
“For more than 30 years, Cisco Investments has invested and partnered with hundreds of companies to drive innovation both within Cisco’s core markets and in new strategic areas,” said Mark Patterson, Chief Strategy Officer of Cisco.
“Our recent investments in generative AI companies align perfectly with this long-standing strategy.”
Also Read: French Startup Mistral AI Gains Traction In US, Targets OpenAI’s Market
In recent years, Cisco has completed more than 20 AI-focused acquisitions and investments, enhancing its GenAI and machine learning capabilities across its portfolio.
Additionally, Cisco will collaborate with AI companies on product innovation, positioning itself as an agnostic provider and platform player in AI.
Cohere, with offices in Toronto and San Francisco, focuses on security-oriented large language models and industry-leading Retrieval-Augmented Generation capabilities for enterprises.
Paris-based Mistral AI specializes in generative AI, combining scientific excellence with a responsible vision of technology.
U.S.-based Scale AI provides a data-centric platform for training and validating AI applications, with Cisco recently participating as the largest strategic investor in Scale AI’s Series F funding round.
“This fund represents our unwavering commitment to AI and innovation, and to the entrepreneurs and visionaries who are defining the next wave of technology,” said Derek Idemoto, SVP of Corporate Development and Cisco Investments.
Price Action: CSCO shares are trading higher by 1.61% at $47.40 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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