Toronto-based AI startup Cohere has now settled at a valuation of US$5.5 billion following the top-up of a Series D funding round, Bloomberg reports, an increase from when Reuters recently pinpointed a $5B valuation. The company raised a total of $500 million from PSP Investments, Cisco Systems and others through the round.
Cohere specializes in creating large language models for businesses, attracting clients like Notion Labs and Oracle. The Canadian company’s technology helps firms enhance efficiency by generating text and assisting with tasks like writing website copy and customer communication. Founded in 2019, Cohere revealed plans to double its workforce this year with an aim to expand internationally.
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