Canadian AI startup Cohere has raised $450 million from investors including Nvidia, Salesforce Ventures, Cisco, and PSP Investments. This funding marks the first tranche of Cohere’s efforts to secure between $500 million and $1 billion, with a target valuation of $5 billion.
Previously valued at $2.2 billion, Cohere generated $35 million in annualized revenue by March, up from $13 million last year. Cohere specializes in generative AI, offering models and applications with a focus on data privacy. The Toronto-based company, founded in 2019, is expected to benefit from the Canadian government’s investment in AI research.
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