Artificial Intelligence Startup Cohere Receives $270 Million Investment

Cohere, which is developing an ecosystem of artificial intelligence models for enterprise, announced that it has raised $270 million as part of a Series C round. Aidan Gomez, Ivan Zhang and Nick Frosst (one of the first employees of Google's Toronto AI lab) co-founded Cohere in 2019. Earlier in the year, Reuters reported that Cohere was in talks to raise "hundreds of millions" of dollars at a valuation of just over $6 billion, according to the source. If this reporting is to be believed, Cohere appears to have missed the valuation mark significantly. According to TechCrunch, a source familiar with the matter, this tranche values the company at between $2.1 billion and $2.2 billion.

Also See: Move On Receives Investment Over 50 Million TL Valuation

COHERE

Aidan Gomez, Ivan Zhang and Nick Frosst (one of the first employees of Google's Toronto AI lab) co-founded Cohere in 2019. Cohere, which develops multilingual language models trained with data from native English speakers, among other AI, aims to stand out in the ocean of productive AI startups by focusing on enterprise use cases. Cohere's artificial intelligence platform is cloud independent. And it can be deployed on public clouds (e.g. Google Cloud, Amazon Web Services), a customer's existing cloud, virtual private clouds or on-site. The startup is taking a hands-on approach. And it works with customers to create custom LLMs based on their proprietary data. Cohere's financing was led by Inovia Capital in Canada. Other investors such as DTCP, Mirae Asset, Schroders Capital, SentinelOne and Thomvest Ventures also participated.