June 16, 2023
With the boom of ChatGPT and DALL-E, generative artificial intelligence (AI) is claiming a prominent spot within the tech space.
Toronto-based AI startup, Cohere, is joining the ranks amongst leading AI enterprises such as Microsoft-backed OpenAI and Google-funded Anthropic after it closed $270 million USD in Series C financing to assist the development of its generative AI program. Key investors included Nvidia, Oracle and Salesforce Ventures.
Founded in 2019, Cohere offers natural language processing software powered by large language models to various developers in the tech space. Cohere hopes to use its new funding to further develop its generative AI services with a goal of producing interactive chat features and generated text capable of developing sophisticated blog posts, articles, and product descriptions. Cohere views generative AI as a critical resource for business acceleration, and a necessary tool for businesses to position themselves for success in this new era of technology.
To date, Cohere has raised nearly $445 million, an upswing the Toronto startup expects to continue.