Cohere Announces $270M Series C to Bring Generative AI to Enterprises
SAN FRANCISCO and TORONTO, June 08, 2023 (GLOBE NEWSWIRE) -- Cohere, the leading AI platform for enterprise, today announced $270M in new capital as part of its Series C financing. Inovia Capital led the round, with additional participation from a diverse group of global institutional and strategic investors, including NVIDIA, Oracle, Salesforce Ventures, DTCP, Mirae Asset, Schroders Capital, SentinelOne, Thomvest Ventures, and returning investor Index Ventures. This group represents investors from the USA, Canada, Korea, the UK, and Germany, and includes some of the most respected technology companies in the world.
“AI will be the heart that powers the next decade of business success,” said Aidan Gomez, CEO and co-founder, Cohere. “As the early excitement about generative AI shifts toward ways to accelerate businesses, companies are looking to Cohere to position them for success in a new era of technology. The next phase of AI products and services will revolutionize business, and we are ready to lead the way.”
“We are at the beginning of a new era driven by accelerated computing and generative AI,” said Jensen Huang, founder and CEO of NVIDIA. “The team at Cohere has made foundational contributions to generative AI. Their service will help enterprises around the world harness these capabilities to automate and accelerate.”
AI Built for Enterprise
Cohere’s enterprise AI suite is cloud-agnostic, offering the highest levels of flexibility and data privacy. The platform is built to be available on every cloud provider, deployed inside a customers’ existing cloud environment, virtual private cloud (VPC), or even on-site, to meet companies where their data is. This empowers businesses to transform existing products and build the next era-defining generation of innoative solutions all while keeping their data secure.
“Our entire raison d’être is to invest in great entrepreneurs who have great worldwide mission and ambitions,” said Steve Woods, CTO and Partner, Inovia Capital. “Very few ideas can fundamentally change society and add more value to humankind. This is obviously one such opportunity and we are thrilled to partner with Cohere to be a part of it.”
Today’s news comes on the heels of Cohere’s momentum in several areas: a recent announcement to collaborate with Salesforce Ventures to advance generative AI to realize business value; an engagement with LivePerson to supercharge customer experiences; and a host of additional demand and interest from the enterprise market. As Cohere continues to advance its industry-leading technology, Stanford’s most recent language model evaluation has also ranked Cohere’s Command model highly in accuracy over comparable models. Meanwhile, Cohere recently released the first-ever publicly available multilingual understanding model trained on authentic data from native speakers; it’s equipped to read and understand over 100 of the world’s most commonly spoken languages.
“Cohere has a rare combination of top-tier talent, the most innovative technology and is best positioned to seize the global enterprise market opportunity for Generative AI and LLMs,” said Lance Matthews, Managing Director, DTCP. “Our unique fund structure and relationships allows us to gather a coalition of global institutional and strategic investors including Deutsche Telekom to accelerate Cohere's vision to bring this technology to enterprises worldwide."
To learn more about Cohere and its growing team, visit cohere.com.
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