Cohere, a Toronto, Canada-based generative AI startup, has raised $500 million in Series D funding, at a $5.5 billion valuation.
Investors
The investment came from investors such as Cisco, AMD, and Fujitsu. This round also included participation from Canadian pension investment manager PSP Investments and Canada’s export credit agency EDC, bringing Cohere's total funding to $970 million.
Cohere's Use of Funds
The company will use the funds to expand its technical teams and develop enterprise AI focused on data privacy and real-world applications across various industries and languages.
About Cohere
Founded in 2019 by Aiden Gomez, Nick Frosst, and Ivan Zhang, Cohere develops customized AI models for enterprise applications. Its technologies handle tasks like summarizing documents, generating website content, and powering chatbots. The company focuses on enterprise solutions, collaborating with businesses to create tailored AI models based on proprietary data. Their cloud-agnostic platform can be deployed in various environments, including public clouds, virtual private clouds, or on-premises. Its latest flagship model, Command R+, is designed to deliver many of the capabilities of more expensive models (e.g., GPT-4o) while costing less.
Funding Details
Company: Cohere, Inc.
Raised: $500.0M
Round: Series D
Funding Month: July 2024
Investors: Cisco, AMD, Fujitsu, Canadian pension investment manager PSP Investments, EDC
Company Website: https://cohere.com/
Software Category: Enterprise AI Platform
Source: https://techcrunch.com/2024/07/22/cohere-raises-500m-to-beat-back-generative-ai-rivals/