Helena Lyng Blak
3 weeks ago

Tech Juggernaut to Invest $1 Billion in AI Startups

Who wants to play catchup?
Cisco Facility in Silicon Valley. — Photo by wolterke
Cisco Facility in Silicon Valley. — Photo by wolterke

There is no stopping the AI-train, it seems. As the wheels on the bus of artificial intelligence go round and round and round, an increasing number of tech’s biggest and brightest are throwing their hat (and big sums of money) in the ring to catch a ride to the era of AI.

On Tuesday, June 4, 2024, tech powerhouse Cisco Systems announced that it was launching a $1 billion global AI investment fund. 

The California-based company said in a press release that the fund will be investing in startups with the goal of expanding and developing “secure, reliable and trustworthy AI solutions.”

“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 SVP of Corporate Development and Cisco Investments Derek Idemoto.

“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 further announced the first three companies that will benefit from the fund:

Cohere, whose customers include companies such as Oracle and Notion, provides generative AI solutions for businesses, specializing in large language models (LLMs). Cohere’s other investors include NVIDIA and Salesforce Ventures. 

Mistral AI describes themselves as a “small, creative team with high scientific standard”. The company, which is based in France and was founded by former Meta and Google employees, produces open source LLMs. 

Scale AI’s 900-person staff all work towards their declared mission of accelerating the development of AI applications by specializing in providing ‘labeled data’ to train AI applications. 

Disclaimer

The information provided by this Site is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site.

More News

1 week ago Analysis: New Debate Rules Favor Biden New rules announced for the June 27th debate between Joe Biden and Donald Trump serves the President well.
1 week ago StanChart Becomes Among the First Global Banks to Launch Spot Crypto Trading StanChart breaks new ground by launching spot trading for Bitcoin and Ether, leading the charge among global banks in the cryptocurrency space.
1 week ago Crypto, Currently: June 21, 2024 - Market Bears Down on Major Cryptos Daily update on the five cryptocurrencies, we consider the most interesting right now.
1 week ago FX Daily: June 21, 2024 – Forex Market Update Daily update from the foreign exchange markets.
1 week ago Amazon Plans To Make Largest Reduction of Plastic Packaging in North America To Date Amazon's response to mounting criticism over its plastic waste with a new reduction plan.
1 week ago Ex-OpenAI Chief Scientist Ilya Sutskever Launches New Company Amid Criticism of ChatGPT Parent's Board Appointments Ilya Sutskever, former chief scientist at OpenAI, has co-founded a new company, Safe Superintelligence Inc., amidst ongoing scrutiny of OpenAI’s recent board appointments.
1 week ago FX Daily: June 20, 2024 - Mixed Movements in Global Currency Markets Daily update from the foreign exchange markets.