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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114Source:https:\/\/techcrunch.com\/2023\/06\/08\/ai-startup-cohere-now-valued-at-over-2-1b-raises-270m\/<\/a><\/br> In a sign that there\u2019s plenty of cash to go around for generative AI startups, Cohere<\/a>, which is developing an AI model ecosystem for the enterprise, today announced that it raised $270 million as part of its Series C round.<\/p>\n Reuters reported<\/a> earlier in the year that Cohere was in talks to raise \u201chundreds of millions\u201d of dollars at a valuation of upwards of just over $6 billion. If there\u2019s credence to that reporting, Cohere appears to have missed the valuation mark substantially; a source familiar with the matter tells TechCrunch that this tranche values the company at between $2.1 billion and $2.2 billion.<\/p>\n \u201cThe new capital will fuel continued development of Cohere<\/span>\u2019s AI platform, which is focused on enterprise customers, allowing companies to use their preferred cloud provider to increase data privacy and make implementation simpler,\u201d president and COO Martin Kon told TechCrunch via email. \u201cThe latest round allows us to invest in compute, grow our team, engage with more of the world\u2019s leading enterprises and further advance our world-leading AI, ultimately empowering companies to build incredible products while keeping their data private and secure.\u201d<\/p>\n Alongside Gomez, Ivan Zhang and Nick Frosst, one of the first employees at Google\u2019s Toronto AI lab, co-founded Cohere in 2019. Before starting Cohere, Gomez co-authored the seminal paper \u201cAttention is All You Need,\u201d which introduced the Transformer, the architecture behind popular large language models (LLMs) like OpenAI\u2019s GPT-4<\/a>.<\/p>\n Kon joined in early 2023, jumping from his previous role as CFO at YouTube.<\/p>\n Cohere, which has developed multilingual language models trained on data from native speakers, among other AI, aims to stand out in the ocean of generative AI startups by focusing on enterprise use cases.\u00a0<\/span><\/p>\n Cohere\u2019s AI platform is cloud agnostic, able to be deployed inside public clouds (e.g. Google Cloud, Amazon Web Services), a customer\u2019s\u2019 existing cloud, virtual private clouds or on-site. The startup takes a hands-on approach, working with customers to create custom LLMs based on their proprietary data.<\/p>\n \u201cCohere was founded to create a platform that empowers all enterprises to transform their company and products with world-leading AI that\u2019s cloud-agnostic, accessible, customizable and data-secure,\u201d Kon said. \u201cOur mission is to allow enterprises worldwide to leverage this transformational technology.\u201d<\/p>\n Cohere holds its customer numbers close to the chest. But the startup claims that it works with companies like Jasper and Hyperwrite for copywriting generation tasks like creating marketing content, drafting emails and developing product descriptions. Elsewhere, Cohere recently announced a collaboration with LivePerson, the conversational marketing company, to build fine-tuned LLMs to improve explainability. And the startup\u2019s partnering with a handful of organizations, including news outlets and Salesforce Ventures, to help break down, analyze and summarize lengthy text using machine learning algorithms.<\/p>\n \u201cGenerally, we can share that we\u2019re experiencing high demand from major enterprises, as both customers and partners,\u201d Kon said.<\/p>\n Cohere, which has around 180 employees, has raised a lot of capital \u2014 $445 million \u2014 even by generative AI startup standards. Only OpenAI<\/a> ($11.3 billion) and Anthropic<\/a> ($450 million) have raised more, ahead of rivals Inflection AI<\/a> ($225 million) and Adept<\/a> ($415 million).<\/p>\n
\nAI startup Cohere, now valued at over $2.1B, raises $270M<\/br>
\n2023-06-08 21:42:01<\/br><\/p>\n