Cohere, the AI startup, has garnered $270 million through its Series C funding round.
In Brief
Cohere, an AI-driven enterprise, has successfully raised $270 million in its recent Series C funding round.
The funding round was spearheaded by Inovia Capital, with notable contributions from NVIDIA, Salesforce Ventures, Oracle, DTCP, Mirae Asset, Schroders Capital, SentinelOne, Thomvest Ventures, and Index Ventures among others.
Cohere, an AI-driven enterprise, has successfully raised $270 million in its recent Series C funding round.
Based in Toronto, Cohere leverages cutting-edge language generation and comprehension technologies to create a robust AI model ecosystem tailored for enterprise needs.
Founded in 2019 by Aidan Gomez, Nick Frosst, and Ivan Zhang, Cohere is now positioned as a competitor to OpenAI, the creators of the widely recognized AI chatbot ChatGPT. The company is gearing up to launch an innovative dialogue model aimed at businesses and developers that will echo the features of ChatGPT.
According to a press release Cohere aims to establish its presence across all major cloud platforms, promising seamless deployment within a client's current cloud landscape, whether it be a virtual private cloud (VPC) or even on-premises solutions. This would empower businesses to enhance their existing offerings and craft new groundbreaking solutions.
In February, Reuters disclosed that Cohere was negotiating to secure 'hundreds of millions of dollars' in funding, which could have propelled its valuation beyond $6 billion. Ultimately, the firm didn't achieve this target, with its present valuation standing at just above $2.1 billion.
Inovia Capital was at the forefront of the Series C funding, and among the heavyweights contributing were NVIDIA, Salesforce Ventures, Oracle, DTCP, Mirae Asset, Schroders Capital, SentinelOne, Thomvest Ventures, and Index Ventures, which has returned as an investor.
Aidan Gomez, CEO and co-founder of Cohere, remarked, 'AI is going to be the core engine driving business success over the next ten years. As initial excitement about generative AI evolves toward practical applications, businesses are turning to Cohere to equip themselves for triumph in this new technological landscape. The forthcoming wave of AI products and services promises to redefine business paradigms, and we are eager to spearhead that change.'
In its previous Series B funding round held in February 2022, Cohere accumulated $125 million, led by Tiger Global, with participation from founding investor Radical Ventures and returning investors Section 32 and Index Ventures.
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