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Laxman Pai, Opalesque Asia: Cisco Investments, the global corporate venture investment arm of Cisco, launched a $1 billion fund to invest in artificial intelligence (AI) startups to develop AI-powered solutions for networking, security, and observability.
As part of the new AI fund, Cisco is making strategic investments in Cohere, Mistral AI, and Scale AI among others to advance customers' AI readiness and complement Cisco's AI innovation strategy, according to a media release from the American multinational digital communications technology conglomerate corporation.
Cisco has already committed nearly $200m of the $1bn investment fund to date, the release added.
AI is reshaping every industry and the world at an unprecedented pace, putting greater emphasis on how businesses globally interact and rely on technology, it said.
Recent research from IDC indicates that the global AI market is expected to double in size to over $500 billion in the next three years. Enterprises, including Cisco, have an opportunity to leverage Gen AI to significantly enhance their products and services and better serve their 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. Our recent investments in generative AI companies align perfectly with this long-standing strategy," said Mark Patterson, Chief Strategy Off...................... To view our full article Click here
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