Cisco Systems Inc. is seeking to expand its presence in the fast-growing artificial intelligence (AI) sector with an investment fund of $1 billion in startups focused on developing secure and reliable artificial intelligence (AI) services.
Cisco Systems Inc. is a leading technology company that offers a wide range of products and services focused on networking, security, collaboration, and cloud management.
Founded in 1984 by Leonard Bosack and Sandy Lerner, the company pioneered the Local Area Networks (LANs) concept and developed the first multiprotocol router system.
With the growth of artificial intelligence in recent years noted with the launch of OpenAI’s ChatGPT, a lot of other companies have been making moves into the industry, aiming to take a strategic position in one of the fastest-growing and evolving technologies of the decade which is projected to reach $1.8 trillion in 2030, with an average growth of more than 36 percent.
According to Cisco, the AI fund will invest in several companies including Cohere, Mistral AI, Scale AI, and others. These investments aim to advance customers’ AI readiness and complement Cisco’s AI innovation strategy.
Cisco noted that to date, it has already committed around $200M out of the $1 billion.
Mark Patterson, Cisco’s Chief Strategy Officer, stated that Cisco aims to be the premier strategic partner for its customers in the AI era. Cisco is dedicated to developing key technologies that will help build, secure, and enhance AI. Additionally, he noted that Cisco is investing in the broader AI ecosystem to address the needs of its customers better.
“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,”
“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.”
In other news, This company’s AI products aim to personalize crypto intelligence, providing you with tailored, on-demand summaries to match your preferences.
Before this time, Cisco has been actively in the development and integration of Artificial Intelligence (AI) across its product and customer service portfolio. For example, it has developed an AI Assistant that combines generative AI technology with its expertise to responsibly guide and inform decisions.
This AI Assistant is integrated across various Cisco products and services, including Webex and the Cisco Security Cloud.
Cisco has also focused on AI-driven security innovations, including the Cisco Identity Intelligence, which defends against persistent cyber threats, and the Cisco AI Assistant for Security, which helps customers make informed decisions and automate complex security tasks.
Another example is its collaboration with NVIDIA to simplify the deployment and management of secure AI infrastructure which will enable enterprises to harness the massive computing power needed for AI applications.
