US-based networking equipment manufacturer Cisco on Tuesday announced a $1 billion global investment fund to develop artificial intelligence networking, security and observability solutions.
The company said it will invest in artificial intelligence (AI) specialists Cohere, Mistral AI and Scale AI to improve customer response capabilities, computing infrastructure, underlying 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.
As of right now, Cisco’s stock on the Nasdaq is trading at $46.78, up 0.28%.