Cohere announces $270 million Series C funding to introduce enterprise-grade generative AI

The financing will accelerate Cohere's leadership position, enabling enterprises to gain artificial intelligence (AI) capabilities on the cloud platform of their choice and keep their data private and secure

　　 Cohere, the leader in enterprise-grade AI platforms, today announced $270 million in new capital as part of a Series C round. The round was led by Inovia Capital, and several global institutional and strategic investors, including NVIDIA, Oracle, Salesforce Ventures, DTCP, Mirae Asset, Schroders Capital, SentinelOne, Thomvest Ventures, and returning investor Index Ventures. This group represents investors from the United States, Canada, South Korea, the United Kingdom and Germany, including some of the world's most respected technology companies.

　　Aidan Gomez, CEO and co-founder of Cohere, said: "AI will be at the heart of driving business success over the next decade. "As the early excitement about generative AI shifts to how to accelerate enterprise growth, companies have high hopes that Cohere will support their success in the new technological era." The next phase of AI products and services will revolutionize the business landscape, and we're poised to lead that change. ”

　　Jensen Huang, founder and CEO of NVIDIA, said, "We are in the early stages of a new era driven by accelerated computing and generative AI. "The Cohere team laid the groundwork for the development of generative AI. They will help global enterprises leverage these capabilities to automate and accelerate processes. ”

　　Artificial Intelligence for the Enterprise

　　Designed for enterprises, Cohere's AI platform offers the option for secure deployment of data in the company's existing cloud environment, as well as customized services and customer support. This includes an ecosystem of consulting businesses and systems integration partners that help businesses no matter where they are in their AI journey.

　　Cohere's enterprise-grade AI suite is cloud-agnostic, offering the highest levels of flexibility and data privacy. The platform is built to be available on every cloud vendor and deployed in customers' existing cloud environments, virtual private clouds (VPCs), or even on-site to meet the conditions where the data resides in the company. This enables companies to transform existing products and build the next era of innovative solutions defined by the next era while keeping their data secure.

　　Steve Woods, CTO and Partner at Inovia Capital, said, "We exist to invest in exceptional entrepreneurs with great global missions and ambitions. "There are very few ideas that fundamentally change society and create more value for humanity." Clearly, there is such an opportunity now. We're excited to partner with Cohere to make a difference." ”

　　The announcement follows Cohere's progress in the following areas: a recent announcement with Salesforce Ventures to advance generative AI for business value; projects that work with LivePerson to enhance the customer experience; and the enterprise market showing great additional demand and interest in it. As a result of Cohere's continued advancement in its industry-leading technology, Stanford rated Cohere's Command model as excellent in terms of accuracy in its most recent evaluation of language models, outperforming other models in the same period. Meanwhile, Cohere recently released the world's first publicly available multilingual understanding model, which is trained on real-world data from native speakers to read and understand more than 100 of the world's most commonly used languages.

　　Lance Matthews, Managing Director of DTCP, said: "Cohere is home to a rare mix of top talent and the most innovative technologies, and is best positioned to capture opportunities in the global enterprise market when it comes to generative artificial intelligence and large language models (LLM). "Thanks to our unique fund structure and relationships, we were able to bring together a coalition of global institutions and strategic investors, including Deutsche Telekom, to accelerate Cohere's vision of bringing this technology to businesses around the world."

　　About Cohere

　　Cohere is a leader in enterprise-grade AI platforms. Cohere's world-class AI is uniquely matched to the needs of enterprises, delivering unprecedented ease of use, accessibility, and data privacy. Cohere's platform is cloud-agnostic, accessible as a managed service through application program interfaces (APIs), and can be deployed in a virtual private cloud (VPC) or even on-site to meet the requirements where data resides in the company, providing the highest level of flexibility and control. Founded by Google Brain alumni and co-author of the groundbreaking Transformer research paper, Cohere's mission is to transform businesses and their products through artificial intelligence that unlocks information that generates, searches, and summarizes information in ways that are more intuitive than ever. The company has gained the backing of a number of global institutional and strategic investors, including DTCP, Index Ventures, Inovia Capital, Mirae Asset, NVIDIA, Oracle, Radical Ventures, Salesforce Ventures, Section 32, and Tiger Global, as well as many prominent figures in the field of artificial intelligence, including Geoffrey Hinton, Jeff Dean, Fei-Fei Li, Pieter Abbeel and Raquel Urtasun.