US-based networking equipment manufacturer Cisco has invested €34m ($36.7m) in private equity firm Partech Ventures’ technology fund and €17m ($18.4m) in private equity firm Idinvest Partners’ Digital Fund II, according to Les Echos.
Idinvest Digital Fund II focuses on digital technologies, including internet, e-commerce and telecommunications. Partech has not yet released details about its new fund.
Cisco has also invested an undisclosed amount in France-based big data analytics provider Intersec as part of a strategic partnership. The money will support the creation of a joint venture, while Cisco gains the right to integrate Intersec’s technology into its own products.
All of these commitments are part of Cisco’s strategy to invest a total of €200m in France-based startups, a deal struck between chief executive John Chambers and the French government in February 2015. The agreement had originally been worth €100m but was later doubled.
The partnership also involves Cisco providing training for some 200,000 people over the next three years, as well as funding academic research and helping to set up research centres.
Cisco revealed it has allocated €50m through the intiative to date, not counting the investments in Idinvest and Partech.
Robert Vassoyan, chief executive of Cisco France, said: “The idea is to invest in French technology and innovative startups in a sector linked to Cisco, such as internet of things, cloud, networking evolution and cybersecurity.” [translated by Global Corporate Venturing]