The Toronto-based AI startup is in financing discussions and is seeking a valuation over US$5.5 billion, sources told the Financial Times. “We don’t comment on market rumours,” Cohere spokesperson Josh Gartner told The Logic. (Financial Times, The Logic)
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The Toronto-based AI startup is in financing discussions and is seeking a valuation over US$5.5 billion, sources told the Financial Times. “We don’t comment on market rumours,” Cohere spokesperson Josh Gartner told The Logic. (Financial Times, The Logic)
Talking point: Cohere has raised about US$1 billion to date. That’s a huge sum for a Canadian technology company but not all that much in the world of generative AI megarounds. Leading model maker OpenAI has taken US$63.9 billion in financing and is valued at US$300 billion, while Anthropic has raised US$20.5 billion and is worth US$61.5 billion, per PitchBook data. Cohere competes with those firms for business clients, but unlike them doesn’t have a consumer-facing product. The Canadian firm’s founders argue their methods of improving their models are more efficient than competitors. Meanwhile, Cohere announced a deal to offer its AI tools to U.S. government departments and defence technology contractors via Second Front Systems’ platform.
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