News Summary:
- Cisco is launching a $1B global
investment fund to expand and develop secure, reliable and
trustworthy AI solutions
- Cisco is making strategic investments with world-class
start-ups across software and infrastructure that build upon
Cisco's strategy to connect and protect the AI era
- Cohere, Mistral AI and Scale AI among the initial GenAI
startups joining the Cisco Investments portfolio to help build a
broader AI ecosystem
LAS
VEGAS, June 4, 2024 /PRNewswire/ -- CISCO
LIVE -- Cisco Investments, the global corporate venture
investment arm of Cisco (NASDAQ: CSCO), today launched a
$1B AI investment fund to bolster the
startup ecosystem and expand the development of secure and reliable
AI solutions. 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. Cisco has already committed nearly
$200M of the $1B investment fund to date.
AI is reshaping every industry and the world at an unprecedented
pace, putting greater emphasis on how businesses globally interact
and rely on technology. Recent research from IDC
(2023) 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 Officer, Cisco. "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."
Over the past several years, Cisco has made over 20 AI-focused
acquisitions and investments, furthering GenAI and Machine Learning
capabilities and integration of AI across the Cisco portfolio.
These strategic investments and partnerships with world-class AI
platforms across software and infrastructure build upon Cisco's
holistic strategy to connect and protect the AI era. In addition to
these investments, Cisco will also be working with AI companies on
product collaborations that allow Cisco to co-innovate, while also
being an agnostic provider and platform player in AI, offering
options and coverage for Cisco's global customer base.
The committed investments in the new AI fund include:
- Cohere: Headquartered in Toronto and San
Francisco, Cohere provides security-focused frontier large
language models (LLMs) and industry-leading Retrieval-Augmented
Generation (RAG) capabilities tailored to meet the needs of
enterprises.
- Mistral AI: Mistral AI is a global company headquartered
in Paris specializing in
generative artificial intelligence. The company develops new models
of generative artificial intelligence for businesses, combining
scientific excellence, an open approach and a responsible vision of
technology.
- Scale AI: Based in the U.S., Scale AI provides a
data-centric, end-to-end platform providing training and validation
for AI applications. Cisco recently participated in Scale AI's
Series F funding as the round's largest strategic investor.
"The establishment of our $1
billion AI investment fund is a testament to our commitment
to the transformative power of artificial intelligence and its
potential to redefine industries globally," said Derek Idemoto, SVP, Corporate Development and
Cisco Investments. "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 has a rich history of delivering innovation through
R&D, Investments, M&A, and strategic partnerships—using a
multi-pronged build, buy, partner, invest and co-develop strategy.
Today's announcement builds on the momentum of Cisco's investments
and product innovations in AI, while reinforcing that Cisco is
well-positioned to help enterprises harness the power of secure,
reliable and trustworthy AI on a global scale.
Additional Resources:
- For more information on Cisco Live, please visit The
Newsroom
About Cisco
Cisco (NASDAQ: CSCO) is the worldwide technology leader that
securely connects everything to make anything possible. Our purpose
is to power an inclusive future for all by helping our customers
reimagine their applications, power hybrid work, secure their
enterprise, transform their infrastructure, and meet their
sustainability goals.
Discover more on The Newsroom and follow us on X (formerly
Twitter) at @Cisco.
Cisco and the Cisco logo are trademarks or registered trademarks
of Cisco and/or its affiliates in the U.S. and other countries. A
listing of Cisco's trademarks can be found at
http://www.cisco.com/go/trademarks. Third-party trademarks
mentioned are the property of their respective owners. The use of
the word 'partner' does not imply a partnership relationship
between Cisco and any other company.
Forward-Looking Statements: This release may be
deemed to contain forward-looking statements, which are subject to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These statements include, among others,
statements regarding Cisco's future strategic investment plans to
expand and develop secure and reliable AI solutions. Readers are
cautioned that these forward-looking statements are only
predictions and may differ materially from actual future events or
results due to a variety of factors, including, among other things,
the ability of Cisco to achieve expected benefits of its
investments, business and economic conditions and growth trends in
its customer markets and various geographic regions, increased
competition, global economic conditions and uncertainties in the
geopolitical environment and other risk factors set forth in
Cisco's most recent reports on Form 10-K and 10-Q, respectively.
Any forward-looking statements in this release are based on limited
information currently available to Cisco, which is subject to
change, and Cisco will not necessarily update the information.
Media Contact:
Will
Stickney
Wstickne@cisco.com
646-573-4532
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SOURCE Cisco Systems, Inc.