Cisco launches a $1 billion AI fund and makes its first investments

Cisco launches a $1 billion AI fund and makes its first investments featured

Wednesday, June 12, 2024 – Cisco Investments said that it had launched a $1 billion AI investment fund on June 4, 2024, to strengthen AI startups and expand trustworthy AI ecosystems. 1

Cohere, the firm that provides large language models (LLMs), Mistral AI, the company that designs generative AI models, and Scale AI, a US-based company that secures data in AI apps, are the initial AI startups committed to meeting the requirements of the new AI funding from Cisco, redefining the industry.

The ongoing discussions of both startups, Cohere and Mistral AI, would secure funds valued at $5 billion each, while Scale AI valued its investment at nearly $14 billion. 2

“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,” SVP, Corporate Development and Cisco Investments, Derek Idemoto, said. 1

The data reported in IDC in 2023 defines the growth of the global AI market as exceeding $500 billion in the next three years, and enterprises like Cisco would benefit from leveraging Gen AI to develop products and services to cater the best experiences for their user base, revolutionizing the industry.

Sources
  1. Cisco: https://newsroom.cisco.com/c/r/newsroom/en/us/a/y2024/m06/cisco-launches-1b-global-ai-investment-fund.html[↩][↩]
  2. Cisco: https://www.reuters.com/technology/cisco-launches-1-bln-ai-fund-makes-first-investments-2024-06-04/[↩]
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