By Ari Levy
San Francisco: Cisco Systems Inc., the world’s biggest maker of computer-networking equipment, plans to invest in Russia’s technology industry, starting with electronic- commerce site Ozon.
Cisco, which has spent more than $1 billion (Rs4,297 crore) in venture capital in the past decade, intends to fund Russian startups and local venture capital teams.
Cisco Chief Executive Officer John Chambers wants to profit from demand for faster Internet speeds and wireless technologies outside the U.S. In December, Cisco agreed to spend $2 billion to strengthen distribution partners in Europe and emerging markets, and open a trial factory in India to make Internet-based phones.
Ozon offers tens of thousands of titles of books, movies and music, Cisco’s said in a statement. Cisco hired a full-time investment manager, Andrew Morozov, in Moscow last year in anticipation of the venture.