Cohere, a San Francisco and Toronto-based company which is developing an AI model ecosystem specifically for enterprises, raised $270 million as part of its Series C financing.
The round was led by Inovia Capital, with participation from a diverse group of global institutional and strategic investors. Notable participants include NVIDIA, Oracle, Salesforce Ventures, DTCP, Mirae Asset, Schroders Capital, SentinelOne, Thomvest Ventures, and returning investor Index Ventures.
The company’s AI platform is designed to be deployed securely within a company's existing cloud environments, offering customization options and customer support. Cohere provides an ecosystem of consulting and system integrator partners to assist enterprises at any stage of their AI journey.
The enterprise AI suite offered by Cohere is cloud-agnostic, providing high levels of flexibility and data privacy. The platform can be deployed on any cloud provider, within a customer's existing cloud environment, virtual private cloud (VPC), or even on-site, allowing businesses to leverage their data securely. This enables companies to transform their existing products and develop innovative solutions while ensuring the security of their data.
“AI will be the heart that powers the next decade of business success,” said Aidan Gomez, CEO and co-founder, Cohere.“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.”
Company: Cohere, Inc.
Raised: $270.0M
Round: Series C
Funding Month: June 2023
Lead Investors: Inovia Capital
Additional Investors: NVIDIA, Oracle, Salesforce Ventures, DTCP, Mirae Asset, Schroders Capital, SentinelOne, Thomvest Ventures, and Index Ventures
Company Website: https://cohere.com/
Software Category: NLP Solutions
About the Company: Cohere is the leading AI platform for enterprises. Its world-class AI is uniquely suited to the needs of businesses, unlocking unprecedented ease of use, accessibility, and data privacy. Cohere’s platform is cloud-agnostic, accessible through API as a managed service, and can be deployed on a virtual private cloud (VPC) or even on-site to meet companies where their data is, offering the highest levels of flexibility and control. Founded by Google Brain alumni and a co-author of the seminal Transformer research paper, Cohere is on a mission to transform enterprises and their products with AI that unlocks a more intuitive way to generate, search, and summarize information than ever before.
Source: https://www.globenewswire.com/news-release/2023/06/08/2684788/0/en/Cohere-Announces-270M-Series-C-to-Bring-Generative-AI-to-Enterprises.html