The Toronto AI firm said the new funding values it at US$7 billion, and extends the US$500 million round it announced last month. The Business Development Bank of Canada (BDC) and Singapore-based Nexxus Capital Management have joined the round, alongside existing investors like Inovia Capital, Radical Ventures, Nvidia and AMD. (The Logic)
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The Toronto AI firm said the new funding values it at US$7 billion, and extends the US$500 million round it announced last month. The Business Development Bank of Canada (BDC) and Singapore-based Nexxus Capital Management have joined the round, alongside existing investors like Inovia Capital, Radical Ventures, Nvidia and AMD. (The Logic)
Talking point: Cohere will use the money to develop its technology, and to market and sell it, including in Europe and Asia, where it has recently opened regional offices. BDC, the federal government’s startup financing firm, joins several major Canadian backers of Cohere, including Export Development Canada, the Public Sector Pension Investment Board, and the Healthcare of Ontario Pension Plan. Investor AMD also announced Wednesday that it will use Cohere’s North agent-builder system internally, and will bundle its chips with the AI firm’s tools for business customers.
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