Cohere, an AI-based startup that is an AI ecosystem for all organizations, made an announcement on 9th June ’23. It announced that it has acquired $270Mn in a Series-C round of funding.
According to a source with knowledge of the situation, this values the business at between $2.1Bn and $2.2Bn.
Martin Kon, (President & COO) said, “The new capital will fuel the continued development of Cohere’s AI platform, which is focused on enterprise customers, allowing companies to use their preferred cloud provider to increase data privacy and make implementation simpler. The latest round allows us to invest in compute, grow our team, engage with more of the world’s leading enterprises, and further advance our world-leading AI, ultimately empowering companies to build incredible products while keeping their data private and secure.”
In 2019, Nick Frosst, Ivan Zhang, and Aidan Gomez together co-founded Cohere. Later on, in 2023, Kon also joined after he resigned as a CFO from YouTube.
In addition to other AI, Cohere has created multilingual models that were trained using data from local speakers. By concentrating on industrial use cases, Cohere hopes to stand out amongst generative AI firms.
Cohere currently has about 180 employees working for them. It has raised a total capital of about $445Mn.