Cisco Investments, the venture capital arm of Cisco Systems, Inc. (NASDAQ:CSCO), has announced the additional allocation of $40 million to fund early-stage companies in India under the ‘India Innovation’ theme.
This funding builds on Cisco Investments’ momentum in India and will be focused on product and technologies, such as cost-optimized designs and cloud applications.
Cisco announced its first investment under the ‘India Innovation’ theme, which is Covacsis. Covacsis is a Mumbai-based real-time analytics company that tailors software around manufacturing production floors. Cisco Investments’ existing portfolio is over $2 billion worldwide. The early-stage allocation under the “India Innovation” theme is part of the $250 million that was announced earlier this year.
Cisco Investments helps accelerate their development by connecting them to expertise and resources like Cisco IT, business leaders, and partner network.
“Today’s investment theme announcement underscores Cisco’s commitment to India and marks a new phase of support for innovation in India, aligned to the country’s national transformation agenda,” said Cisco in a statement.