Science & Technology

AI Firm Cohere Raises $270 Million

The startup Cohere, which is engaged in developments in the field of artificial intelligence, has raised investment funds in the amount of $270 million from venture capital and strategic investors, including Oracle Corp. and Nvidia Corp.

AI Firm Cohere Raises $270 Million

The media, citing a source who wished to remain anonymous, published data that currently the cost of Cohere, based in Toronto, ranges from 2.1 billion to 2.2 billion dollars.

Inovia Capital led the funding round, in which, in addition to Oracle and Nvidia, Salesforce Ventures, a division of Deutsche Telekom AG, Mirae Asset, Schroders Capital, SentinelOne Inc., Thomvest Ventures, and existing investor Index Ventures also participated. This was told by the president and Chief Operating Officer of Cohere Martin Kon.

As of today, the total amount of investments aimed at the development of a startup in the field of artificial intelligence is about $445 million.

After Microsoft invested $10 billion in OpenAI, the creator of ChatGPT, a trend of investing in AI companies was formed and began to scale actively.

Cohere develops and trains artificial intelligence models for corporate clients. Currently, the startup adheres to the position that it should not transfer an excessive share of ownership rights and excessive control capabilities to one company.

Martin Con says that for a firm, the fundamental issue is interaction with other companies in the context of granting them control powers. He noted the excessive possibilities of third-party management forces to coordinate work in favor of other people’s interests. According to him, the startup’s strategy is to involve as many partners as possible in the regulation of Cohere’s activities without the preponderance of control possibilities in the direction of any of their numbers.

The startup was founded in 2019. The company creates large language models that can analyze and create text. A startup can also personalize its products depending on customer preferences. AI models created by the company can be used to summarize emails and write a copy of the website.

Jensen Huang, CEO of Nvidia, whose market value has grown to $900 billion as a result of demand for its chips supporting artificial intelligence, said that Cohere has made a fundamental contribution to generative AI. According to him, startup tools can be used for automation and acceleration.

Teaching large language models is an expensive project. The demand for computing power demonstrates the dynamics of growth.

Martin Con stated that Cohere’s approach involves seeking capital from companies seeking to implement the technology for their customers. He said that the new investments will help the firm meet the needs for computing equipment and will allow it to master new technologies.

As we have reported earlier, AI Startup Figure Raises $70 Million for Humanoid Robot.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.