Cisco launches $1 billion AI fund and makes first investments


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Cisco (CSCO.O) on Tuesday launched a $1 billion fund to invest in artificial intelligence startups, joining a list of big technology companies rushing to take stakes in small AI firms.

The company, through its investment arm, is investing in Cohere, Mistral AI and Scale AI, among others, and has already committed nearly $200 million of the fund, it said.

AI data startup Scale AI is valued at nearly $14 billion, while so-called foundation model developers Cohere and Mistral are both reportedly in talks with investors to raise funds at a valuation of $5 billion each. 

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 AI data startup Scale AI is valued at nearly $14 billion, while foundation model developers Cohere and Mistral are reportedly in talks with investors to raise funds at a valuation of $5 billion each. Foundation AI models are built using large volumes of data and can be applied across a wide range of use cases