SAN FRANCISCO: US-based network equipment supplier Cisco announced a US$1 billion global investment fund aimed at developing artificial intelligence-powered solutions for networking, security, and observability, reported dpa news.

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 US$46.78, up 0.28 per cent on the Nasdaq.

-BERNAMA