IT major Cisco has committed to invest $240 million in the startup space. The investments will be targeted at startups that build products  with global appeal. It is looking to invest in startups that speacilises in cloud computing, mobile technologies and Internet of things (IoT).

At a press conference here on Thursday, Amit Phadnis, Cisco’s president, Engineering and India Site Leader said, “We are not just investing in startups with returns in mind, but we are looking to partner with startups, that build product which can be used by Cisco. We are looking for startups that create solutions for smart cities with digital innovation.”

“We are committed to working with start-ups, accelerators, developers, researchers, ecosystem partners and the venture community to accelerate India’s digital transformation,” he added.

The company has about 300,000 developers with a goal to increase it to one  million by 2020. Cisco’s total R&D spend for FY15 has been $6.3 billion. During its 20 years in the country, Cisco India has contributed to filing 1,000 global patents.

Celebrating this milestone (20 years) Cisco on Thursday unveiled three products – Cisco Network Convergence System (NCS) 1000 Series, Cisco Network Convergence System (NCS) 5000 Series and the 5520 and 8540 Series Wireless LAN Controllers.