Cisco Canada to head $150-million fund for innovative startup companies

TORONTO – Cisco Canada will lead a new fund that will invest $150 million over 10 years in a variety of start-up companies involved in things like digital media and information technology.

The California-based technology giant says its focus will be onopportunities with potential to affect the broader, global market.

Cisco Canada’s president, Nitin Kawale, says the initiative will fund and mentor startup companies and foster innovation in Canada.

“Cisco believes there is a tremendous opportunity for growth and prosperity in Canada’s innovation engine,” Kawale said in a statement.

“Canada continues to produce some of the top engineering and management talent in the world and is home to dynamic industries that are ripe for business transformation.”