Canadian AI startup Cohere has raised $450 million in funding from returning investors such as Nvidia (NVDA.O) and Salesforce Ventures (CRM.N), as well as new investors including Cisco (CSCO.O) and Canadian pension fund PSP Investments, according to a source familiar the matter.This concludes the first tranche of Cohere’s monthslong fundraising efforts, while the company is … Read more
Cohere, an AI startup, is in advanced talks to raise 0 million at a valuation of about billion. The Toronto-based company’s annualized revenue run rate has grown to million this month from million in December, following the launch of its new model Command-R. Cohere, founded by former Google researchers, focuses on building enterprise-focused AI models and has a partnership with Oracle. It was valued at .2 billion last June after raising 0 million from investors including Inovia Capital, Nvidia, and Oracle. Reuters reported in January that Cohere was seeking to raise between 0 million to billion. Existing investors are expected to join the latest funding round. Cohere competes with OpenAI and Anthropic, focusing on business applications of AI. OpenAI has projected billion in revenue for 2024 and has raised over billion from investors, including Microsoft. Other AI labs like Anthropic and Mistral have also received significant investments.