Cisco launches US$1 billion AI fund and makes first investments

STOCKHOLM: Cisco on Tuesday (Jun 4) launched a US$1 billion fund to invest in man made intelligence startups, joining a checklist of enormous technology corporations speeding to raise stakes in minute AI corporations.

The firm, through its funding arm, is investing in Cohere, Mistral AI and Scale AI, amongst others, and has already dedicated virtually US$200 million of the fund, it talked about.

AI files startup Scale AI is valued at virtually US$14 billion, while so-called basis model developers Cohere and Mistral are each and each reportedly in talks with investors to raise funds at a valuation of US$5 billion every.

Foundation AI items are built the usage of immense volumes of files and would possibly be utilized across a enormous series of use situations.

After Microsoft-backed OpenAI started the AI frenzy in 2022 with the initiating of ChatGPT, quite lots of tech corporations equivalent to Meta and Amazon maintain also invested in assorted AI startups.

Cisco has revamped 20 AI-focused acquisitions and investments within the final quite lots of years, furthering generative AI and machine discovering out and integration of AI across its portfolio, the firm talked about in a press initiating.