Canadian pension investment manager PSP Investments is co-leading a significant funding round of at least $500 million in AI developer Cohere. This investment propels Cohere’s valuation to approximately $5 billion, marking a notable advancement in the AI sector.
Toronto’s Cohere, which competes with OpenAI, has shown impressive growth, with its revenue reaching $22 million annually, boosted by recent advancements in its language model technologies. This funding round will elevate Cohere’s total capital to around $1 billion, positioning it among the top LLM startups. PSP Investments’ involvement underscores the burgeoning interest and confidence in AI development and its economic potential.
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