Update from July 23, 2024:
Cohere has made its funding round official: $500 million at a valuation of $5.5 billion. Leading investors include Canadian pension fund PSP Investments, as well as Cisco, Fujitsu, AMD, and Canada's export credit agency EDC.
The valuation seems ambitious, given that annualized revenue at the end of March 2024 was $35 million. In March 2023, it was $13 million, according to Bloomberg.
Cohere has offices in San Francisco and London, and is headquartered in Toronto. The company specializes in AI language models and services for the enterprise. Founded in 2019, Cohere is led by Aidan Gomez, co-author of Google's groundbreaking Transformer research paper, "Attention Is All You Need."
Original article from June 5, 2024:
Canadian AI startup Cohere, which launched in 2019, has raised $450 million in funding from investors including Nvidia, Salesforce Ventures, Cisco, and Canadian pension fund PSP Investments, according to a Reuters source familiar with the matter.
The company raised $270 million in funding last June from backers including Nvidia and Salesforce. As one of Canada's top AI startups, Cohere could benefit from the Canadian government's plans to invest $2.4 billion in computing power and AI research for local AI companies.
Cohere works with Oracle and others to bring generative AI to the enterprise. It recently showed off "Command R+", an LLM enhanced for RAG.
