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Cisco Canada to head $150-million fund for innovative startups

Nitin Kawale, president of Cisco Canada speaks in Toronto on Thursday, June 19, 2014. Kawale and Canadian finance minister Joe Oliver announced the Cisco Canada Innovation Program, a strategy to invest 150 million to support accelerate innovation in Canada. THE CANADIAN PRESS/Nathan Denette

Nathan Denette/THE CANADIAN PRESS

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 on opportunities 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.

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"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."

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