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Yahoo
9 hours ago
- Business
- Yahoo
Cohere raises $500m at $6.8bn valuation
Canadian AI startup Cohere has raised $500m in an oversubscribed funding round, achieving a valuation of $6.8bn. The round was led by Radical Ventures and Inovia Capital, with participation from existing investors such as AMD Ventures, NVIDIA, PSP Investments, and Salesforce Ventures, alongside new investors including the Healthcare of Ontario Pension Plan (HOOPP). The newly acquired capital will be directed towards accelerating Cohere's agentic AI offerings, following a series of strategic partnerships with major companies including Oracle, Dell, Bell, Fujitsu, and SAP. Founded in 2019, Cohere provides AI-powered tools designed to automate tasks across various industries. The company competes with prominent US AI companies such as OpenAI and Google in the development of large language models that support its technology. In a concurrent move, Cohere has appointed Joelle Pineau, the former vice-president for AI research at Meta, as its first chief AI officer. Pineau, a Canadian computer scientist and professor at McGill University, previously led Meta's Fundamental AI Research (FAIR) team. Additionally, Cohere has named Francois Chadwick, a former executive at Uber and partner at KPMG US, as its new CFO. Chadwick will oversee finance and business operations as the company aims to accelerate growth and cater to its expanding global customer base. Aidan Gomez, co-founder and CEO of Cohere, said: "Cohere is becoming the world's chosen partner for integrating AI into their critical industries. We are at a pivotal moment in accelerating the delivery of secure AI that empowers enterprises worldwide, and we're excited to enter this new phase of expansion alongside our partners. 'We're thrilled to welcome Joelle and Francois, whose experience, talent and insight will be instrumental in continuing Cohere's growth." Radical Ventures co-founder and managing partner Jordan Jacobs said: 'Cohere is fulfilling that promise by building privacy-first, cloud-agnostic models and agentic AI applications that are driving extraordinary productivity gains and ROI to blue-chip enterprises, businesses and governments worldwide. 'We are co-leading this investment round because this is just the beginning for Cohere.' "Cohere raises $500m at $6.8bn valuation" was originally created and published by Verdict, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Reuters
4 days ago
- Business
- Reuters
AI startup Cohere valued at $6.8 billion in latest fundraising, hires Meta exec
Aug 14 (Reuters) - Canadian AI startup Cohere was valued at $6.8 billion following its latest $500 million funding round, as it seeks to expand its market share in a highly competitive industry of selling AI to enterprises. The funding round was led by Radical Ventures and Inovia Capital, with participation from existing investors AMD Ventures, Nvidia (NVDA.O), opens new tab, PSP Investments and Salesforce Ventures, among others. Unlike most AI companies such as OpenAI and Meta's (META.O), opens new tab Llama, which are focused on broad foundational models, Cohere builds enterprise-specific AI models. "The funding allows us to expand more globally, branch off into different modalities, as you saw us launch a command vision model recently, and keep building secure AI for the enterprise," Nick Frosst, co-founder of Cohere, said in an interview. Alongside the fundraise, Cohere appointed Joelle Pineau, former vice president of AI Research at Meta (META.O), opens new tab , as chief AI officer, and Francois Chadwick, former executive at Uber and Shield AI, as chief financial officer. Pineau, who was with Meta for eight years and had led Meta's Fundamental AI Research group since 2023, left in May, at a time when the tech giant is aggressively investing and building out a new AI research team. In January, Cohere launched North, a ChatGPT-style tool designed to help knowledge workers with tasks such as document summarization. The company said it will use the new funding to advance agentic AI that can help businesses and governments operate more efficiently. The fundraise comes amid a broader surge in AI financing, as private equity and Big Tech channel capital into startups in pursuit of strong returns from innovative AI products.
Yahoo
4 days ago
- Business
- Yahoo
AI startup Cohere valued at $6.8 billion in latest fundraise, appoints new executives
(Reuters) -Cohere was valued at $6.8 billion after its latest $500 million funding round, as the artificial intelligence startup moves to expand its market share in a highly competitive industry. The funding round was led by Radical Ventures and Inovia Capital, with participation from existing investors AMD Ventures, NVIDIA, PSP Investments, and Salesforce Ventures, among others. Unlike most AI companies like OpenAI and Meta's Llama, which are focused on broad foundational models, Cohere builds enterprise-specific AI models. In January, it launched North, a ChatGPT-style tool designed to help knowledge workers with tasks such as document summarization. The company said it will use the new funding to advance agentic AI that can help businesses and governments operate more efficiently. Alongside the fundraise, Cohere appointed Joelle Pineau, former Vice President of AI Research at Meta, as Chief AI Officer, and Francois Chadwick, former CFO at Uber and Shield AI, as Chief Financial Officer. The fundraise comes amid a broader surge in AI financing, as private equity and Big Tech channel capital into startups in pursuit of strong returns from innovative AI products. Sign in to access your portfolio
CNA
4 days ago
- Business
- CNA
AI startup Cohere valued at $6.8 billion in latest fundraise, appoints new executives
Cohere was valued at $6.8 billion after its latest $500 million funding round, as the artificial intelligence startup moves to expand its market share in a highly competitive industry. The funding round was led by Radical Ventures and Inovia Capital, with participation from existing investors AMD Ventures, NVIDIA, PSP Investments, and Salesforce Ventures, among others. Unlike most AI companies like OpenAI and Meta's Llama, which are focused on broad foundational models, Cohere builds enterprise-specific AI models. In January, it launched North, a ChatGPT-style tool designed to help knowledge workers with tasks such as document summarization. The company said it will use the new funding to advance agentic AI that can help businesses and governments operate more efficiently. Alongside the fundraise, Cohere appointed Joelle Pineau, former Vice President of AI Research at Meta, as Chief AI Officer, and Francois Chadwick, former CFO at Uber and Shield AI, as Chief Financial Officer. The fundraise comes amid a broader surge in AI financing, as private equity and Big Tech channel capital into startups in pursuit of strong returns from innovative AI products.
Reuters
4 days ago
- Business
- Reuters
AI startup Cohere valued at $6.8 billion in latest fundraise, appoints new executives
Aug 14 (Reuters) - Cohere was valued at $6.8 billion after its latest $500 million funding round, as the artificial intelligence startup moves to expand its market share in a highly competitive industry. The funding round was led by Radical Ventures and Inovia Capital, with participation from existing investors AMD Ventures, NVIDIA, PSP Investments, and Salesforce Ventures, among others. Unlike most AI companies like OpenAI and Meta's (META.O), opens new tab Llama, which are focused on broad foundational models, Cohere builds enterprise-specific AI models. In January, it launched North, a ChatGPT-style tool designed to help knowledge workers with tasks such as document summarization. The company said it will use the new funding to advance agentic AI that can help businesses and governments operate more efficiently. Alongside the fundraise, Cohere appointed Joelle Pineau, former Vice President of AI Research at Meta, as Chief AI Officer, and Francois Chadwick, former CFO at Uber and Shield AI, as Chief Financial Officer. The fundraise comes amid a broader surge in AI financing, as private equity and Big Tech channel capital into startups in pursuit of strong returns from innovative AI products.
