IT major Cisco has committed to invest $240 million in the start-up space. The investment will be targeted at start-ups that build products with global appeal. It is looking to invest in start-ups that specialize in cloud computing, mobile technologies and Internet of Things (IOT).
At a press conference here on Thursday, Amit Phadnis, Cisco’s President, Engineering and India Site Leader said, “We are not just investing in start-ups with returns in mind, but we are looking to partner with start-ups, that build product which can be used by Cisco. We are looking for start-ups that create solutions for smart cities with digital innovation.”
“We are committed to working with start-ups, accelerators, developers, researchers, ecosystem partners and the venture community to accelerate India’s digital transformation,” he added.
The company has about 300,000 developers with a goal to increase it to one million by 2020. Cisco’s total R&D spends for FY15 has been $6.3 billion. During its 20 years in the country, Cisco India has contributed to filing 1,000 global patents.
Celebrating this milestone (20 years) Cisco on Thursday unveiled three products – Cisco Network Convergence System (NCS) 1000 Series, Cisco Network Convergence System (NCS) 5000 Series and the 5520 and 8540 Series Wireless LAN Controllers.
Source: The Financial Express
