The Toronto-based AI startup’s returning backers include Inovia Capital and Thomvest, while new investors include Aramco’s Prosperity7 Ventures, UBS and Export Development Canada. (The Logic)

Talking point: Cohere makes large language models (LLMs) that business clients use to power chatbots and other generative tools, as well as search and summarization applications. Since such systems cost huge sums to train, generative AI firms have been raising massive rounds of capital or cloud credits in quick succession from tech giants and megafunds. (Cohere says its enterprise LLMs are cheaper than the do-everything foundational models of other firms.) The company announced its US$270-million Series C last June, and US$125-million Series B the previous February. Besides compute for training, the firm will use the all-equity, all-primary round to hire staff. Cohere spokesperson Josh Gartner said it plans to double its 250-person workforce by the end of 2024.