AI start-up Cohere has successfully raised US $ 270 million in its Series C funding round, valuing the company at approximately US $ 2.1 billion to US $ 2.2 billion. The funding will be used to further develop Cohere’s AI platform, which is tailored for enterprise customers and emphasises data privacy and ease of implementation. The platform enables companies to utilise their preferred cloud provider while maintaining data security.
Cohere, founded in 2019 by Aidan Gomez, Ivan Zhang, and Nick Frosst, focuses on enterprise use cases in the generative AI space. The start-up has gained recognition for its multilingual language models trained on data from native speakers. It works closely with customers to create custom large language models (LLMs) based on their proprietary data.
With this latest funding round, Cohere’s total capital raised stands at US $ 445 million, positioning it among the top-funded generative AI start-ups. The company plans to expand its team, invest in computing capabilities, and engage with more leading enterprises.
Cohere’s president and COO, Martin Kon, envisions “search and retrieval” as the next area of growth for the company. By incorporating techniques that allow models to expand their knowledge base and search the web for relevant information, cohere aims to enhance the capabilities of its AI systems. Kon also anticipates building models that can take action on behalf of customers, such as booking flights or scheduling meetings.
