Cisco Investments announced an additional $40 million to fund early-stage firms in India.
The $40 million early stage allocation under the India Innovation theme is a part of the $250 million that was announced earlier in the year focused on technologies, including big data & analytics; the Internet of Things (IoT); connected mobility; storage; silicon; and content technology ecosystem.
Earlier, Cisco invested in MobStac, a Bangalore based start-up, as part of its global connected mobility theme.
As part of the India Innovation theme, Cisco invested in Covacsis, a Mumbai-based real-time analytics platform software provider catering to manufacturing production floors.
Cisco did not share financial details.
The enterprise IT vendor will focus on product and technologies that are relevant to emerging markets like India, including cost optimized designs, industry vertical solutions and application of cloud.
Earlier, Cisco made significant strategic investments in growth stage companies such as Netmagic, Apalya and social innovation funds like Aavishkaar.
Cisco Investments’ existing portfolio is over $2 billion worldwide.
Dinesh Malkani, president, Sales, Cisco India and SAARC, said: “Today’s announcement underscores Cisco’s recognition of the tremendous innovation and potential that the India technology market offers. Our objective is to help catalyze and accelerate that potential into action that will have a positive impact in India and globally.”
