The Toronto-based company has seen its annualized revenue run rate grow to $22 million this month from $13 million in December
Cohere, an artificial intelligence startup that develops foundation models to compete with ChatGPT creator OpenAI, is in advanced talks to raise $500 million at a valuation of about $5 billion, according to a person familiar with the matter.
The startup founded by former Google researchers has pitched its growth potential to investors by building enterprise-focused AI models. Cohere, which currently has a partnership with Oracle, also plans to make its models available on other major cloud providers. If successful, it could be the latest sign of investors’ appetite for funding AI startups at high valuations despite moderate revenue numbers, as they bet on the future adoption of AI models.
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