The US-based network equipment supplier Cisco on Tuesday announced a $1 billion global investment fund to develop artificial intelligence-powered solutions for networking, security, and observability.
The company said it would make investments in artificial intelligence (AI) companies Cohere, Mistral AI, and Scale AI to enhance customer readiness, compute infrastructure, foundational models, model development, and AI training.
"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 Cisco's chief strategy officer Mark Patterson.
Cisco's stock is currently trading at $46.78, up 0.28% on the Nasdaq.
