Generative AI startup Cohere raises US$270M in new funding

 Generative AI startup Cohere raises US$270M in new funding

Image courtesy: Cohere

Toronto-based generative AI startup Cohere has raised US$270 million in a Series C round. This new capital propels Cohere’s valuation to a staggering US$2.1 billion to $2.2 billion.

The funding round was led by Inovia Capital. Other notable investors include NVIDIA, Oracle, Salesforce Ventures, DTCP, Mirae Asset, Schroders Capital, SentinelOne, Thomvest Ventures and Index Ventures.

Cohere was founded in 2019 by Aidan Gomez, Ivan Zhang, and Nick Frosst, all of whom are former Google researchers. The startup specializes in natural language processing (NLP) powered by large language models (LLMs), offering secure deployment options, customization, and superior customer support. Its AI platform is cloud-agnostic, meaning it can be deployed on various cloud providers or within a customer’s existing cloud environment, offering enterprises unprecedented flexibility in integrating AI capabilities.

AI will be the heart that powers the next decade of business success.As the early excitement about generative AI shifts toward ways to accelerate businesses, companies are looking to Cohere to position them for success in a new era of technology. The next phase of AI products and services will revolutionize business, and we are ready to lead the way.”

Aidan Gomez, CEO and co-founder

Also read: ChatGPT creator OpenAI & its surge now under investigation by Canada

Cohere’s Generative AI technology recognized for accuracy, innovation

Cohere’s AI technology has received widespread acclaim for its accuracy and novel approach to language processing. It recently unveiled the world’s first freely available multilingual comprehension model. This model was trained on actual data from native speakers and can read and understand over 100 languages. In addition, the company has formed agreements with companies such as Salesforce Ventures and LivePerson, significantly expanding its reach and influence in the enterprise IT sector.

We are at the beginning of a new era driven by accelerated computing and generative AI. The team at Cohere has made foundational contributions to generative AI. Their service will help enterprises around the world harness these capabilities to automate and accelerate.”

Jensen Huang, Founder and CEO of NVIDIA

Earlier last year, Cohere raised US$125 million in a Series B round led by Tiger Global. In 2021, it managed to raise US$40 million in series A financing led by Index Ventures.

The current funding round is a sign of the growing interest in generative AI. Generative AI is a rapidly developing field, and it has the potential to revolutionize a wide range of industries, including healthcare, finance, and customer service.

Also read: PwC Canada’s generative AI bet: CA$200M to secure growth


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