Networking equipment maker Cisco has agreed to acquire US-based artificial intelligence technology developer MindMeld in a $125m deal that will give exits to corporates Intel, Samsung, Alphabet, Liberty Global and Telefónica.
MindMeld has built a machine learning-infused AI platform that allows users to create intelligent conversational interfaces for applications or devices.
The technology will enable Cisco to add functions such as natural language commands to its collaboration products, most notably enterprise collaboration platform Spark.
Rowan Trollope, senior vice-president of Cisco’s IoT (internet of things) and Applications Group, said: “The workplace of the future is one powered by AI.
“This is a significant step toward making that workplace a reality. Integrating MindMeld into the Cisco Spark platform will transform how users interact in Cisco Spark Spaces, Cisco Spark Meetings, and Cisco Spark Care.”
GV, the Alphabet subsidiary then known as Google Ventures, co-led MindMeld’s $2.4m seed round in 2012 with venture capital firm Greylock Partners, investing together with KPG Ventures, IDG Ventures, Bessemer Venture Partners and Quest Venture Partners.
Intel Capital, Samsung Venture Investment Corporation (SVIC), Liberty Global Ventures and Telefónica Digital, respective subsidiaries of chipmaker Intel, electronics producer Samsung, media group Liberty Global and telecommunications company Telefónica, added funding in 2013.
The 2013 capital was rolled into a $13m series A round the following year that was co-led by IDG Ventures and financial services provider USAA, and which included GV, Greylock, Bessemer, KPG, Westcott, Fenox Ventures and Quest Venture Partners.