Cisco Systems targets AI with MindMeld acquisition
Earlier in this series, we discussed Microsoft’s (MSFT) recent acquisition of Hexadite. At the beginning of May 2017, Cisco Systems (CSCO) announced the acquisition of MindMeld, an AI (artificial intelligence) startup that specializes in “creating intelligent conversational interfaces.”
In its blog, Cisco Systems wrote, “Bringing the MindMeld team to Cisco is a giant leap forward in helping our customers experience the next generation of interactive, conversational interfaces.” Cisco Systems has agreed to pay $125 million in cash and equity to acquire MindMeld. The acquisition is expected to close by the end of this year.
MindMeld’s investors and global reach
IDC (International Data Corporation) considers AI as “one of six Innovation Accelerators.” AI enables sensing, prediction, analysis, and solutions for various IT (information technology) issues. AI is a consumer-driven technology that enables us to gauge customer sentiment.
Cisco Systems noted that it would benefit from MindMeld’s expertise in AI and ML technology as “MindMeld gives human-like accuracy to voice and chat assistants.”
The MindMeld API (application programming interface) is currently being used by more than 1,200 companies globally. Google (GOOG), Samsung (SSNLF), Intel (INTC), Telefonica, IDG, Liberty Global, USAA, Uniqlo, and Spotify are some of MindMeld’s customers that are also investors in the company.