The financing round was led by venture capital firm Inovia Capital along with the participation of a group of global institutional and strategic investors such as Oracle, Nvidia, Salesforce Ventures, DTCP, Schroders Capital, Mirae Asset, SentinelOne, Thomvest Ventures, and Index Ventures
Cohere secures $270m in Series C financing round led by Inovia Capital. (Credit: Pete Linforth from Pixabay)
Cohere, a Canada-based artificial intelligence (AI) platform for enterprise, has secured $270m in new capital as part of the firm’s Series C funding round.
The financing round was led by venture capital firm Inovia Capital.
It also saw the participation of a group of global institutional and strategic investors such as Oracle, Nvidia, Salesforce Ventures, Schroders Capital, DTCP, Mirae Asset, SentinelOne, Thomvest Ventures, and Index Ventures.
Nvidia founder and CEO Jensen Huang said: “We are at the beginning of a new era driven by accelerated computing and generative AI.
“The team at Cohere has made foundational contributions to generative AI. Their service will help enterprises around the world harness these capabilities to automate and accelerate.”
Founded in 2019, Cohere offers an AI platform developed specifically for enterprises to deliver data-secure deployment options in companies’ existing cloud environments, customisation, and customer support.
The platform is cloud-agnostic and can be accessed through an application programming interface (API) as a managed service. It can also be installed on virtual private cloud (VPC) or on-site.
Cohere aims to utilise the new capital to expedite its position, offering institutions the power of AI on the cloud platform of their choice while maintaining the security and privacy of their data.
Cohere CEO and co-founder Aidan Gomez said: “AI will be the heart that powers the next decade of business success.
“As the early excitement about generative AI shifts toward ways to accelerate businesses, companies are looking to Cohere to position them for success in a new era of technology. The next phase of AI products and services will revolutionize business, and we are ready to lead the way.”
The Series C funding round comes after the company’s recent collaboration with Salesforce Ventures to progress generative AI to create business value.
In April 2023, Cohere joined forces with conversational AI firm LivePerson for a pilot programme to enable businesses to seamlessly develop and deploy custom large language models (LLMs).