Hewlett-Packard said it plans to invest more than $1 billion over the next two years to develop and offer cloud-computing products and services.
The company said it will make its OpenStack-based public cloud services available in 20 data centers over the next 18 months.
OpenStack, a cloud computing project that HP co-founded, provides a free and open-source cloud computing platform for public and private cloud services.
Cloud services have become increasingly popular among both cash-strapped tech start-ups and larger companies, which rely on computers owned and operated by the likes of Amazon and Google, instead of buying the equipment themselves.
Amazon.com and Google recently slashed prices of most of their cloud computing services as other companies join the fray.
Cisco Systems plans to invest an additional $150 million in start-ups to speed up the development of new technologies.
Cisco Investments, the company’s venture-capital arm, will use the funds to spur advances in projects such as data storage and innovation in India and the Internet of Things, which refers to devices such as Web-connected power meters, home appliances and traffic lights, Cisco said.
The biggest maker of networking equipment also unveiled minority investments in three companies — Alchemist Accelerator, Ayla Networks and Evrythng — that are working on technologies related to the Internet of Things. Cisco, which is grappling with slowdowns in emerging markets and threats to its core routing and switching businesses, has already invested $2 billion in more than 80 companies and 35 venture funds run by others.