FILE PHOTO: AI letters are placed on computer motherboard in this illustration taken, June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
The funding marks a jump in valuation from Cohere's last private raise, when it was valued at $2.2 billion from investors including Inovia Capital last June. Foundation model AI companies have been racing to raise capital to fund the expensive development of AI models that require huge amounts of computing power and top industry talent.
Founded in 2019, Toronto-headquartered Cohere builds large language models - software systems that are trained on large amounts of data and can generate text. Unlike OpenAI's tie-up with Microsoft, it has steered clear of exclusive deals with cloud providers, despite being backed by Oracle.
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