Canadian artificial intelligence (AI) startup Cohere is reportedly in talks to raise $500 million.
The funding values the company, which develops foundational models to compete with ChatGPT creator OpenAI, at $5 billion, Reuters reported on Thursday (March 21), citing sources familiar with the matter. .
The source said Cohere’s annual revenue run rate rose to $22 million this month from $13 million in December, when it introduced its new Command-R model. Kohia raised $220 million and was valued at $2.2 billion as of June 2023.
Reuters reports that Cohere is trying to sell its potential to backers by developing enterprise-grade AI models. The company has partnered with Oracle and also aims to make its model available through other major cloud providers, the report said.
PYMNTS has reached out to Cohere for comment, but has not yet received a response.
The company was founded by former Google researchers, including CEO Aidan Gomez, who co-authored a landmark paper in AI research. The paper, titled “All You Need Is Attention,” marked a major advance in how computers analyze and generate text.
Last year, Gomez wrote a letter to staff criticizing effective altruism, and the movement has focused on how to do what is best for humanity and criticized AI.
Gomez argues that the movement has become arbitrary and self-aggrandizing, with people who believe they are uniquely qualified to help others resort to extreme actions to achieve their goals. warned that there may be a tendency to take
This philosophy has become famous thanks to one of its most prominent adherents, FTX founder and convicted crypto fraudster Sam Bankman Freed.
Elsewhere in the AI space, PYMNTS this week examined Apple’s recent deal with Google to bring the company’s artificial intelligence technology to the iPhone.
In an interview with PYMNTS, Michael Giacconi, CEO of AI marketing technology company Button, discussed some of the different ways this partnership could impact the AI landscape, including the potential for Apple to accelerate consumer adoption of AI. I mentioned it.
“Enabling seamless AI integration into iPhone search and Siri features has the potential to enable consumer adoption at an unparalleled scale,” Yaconi said. “At a pace no other company can match, we are unlocking AI-powered app connectivity that controls both the digital and physical worlds. With this, Apple is making iPhone a remote control for everyday life. It brings the concept of being closer to reality than ever before.”
