Cohere, the AI Startup Worth $2.1B, Skyrockets with a Whopping $270M Funding Boost

June 8 2023
Generative AI startup Cohere has raised $270 million in a Series C funding round, bringing its valuation to between $2.1 billion and $2.2 billion. The funds will be used to continue the development of Cohere’s AI platform, which focuses on enterprise customers and allows for increased data privacy and simpler implementation by using companies’ preferred cloud providers. Founded in 2019 and co-authored by Google AI lab employee Nick Frosst, Cohere offers a cloud-agnostic, customizable, and data-secure AI platform for enterprises. The company currently works with businesses such as Jasper and Hyperwrite for copywriting generation tasks and has partnerships with LivePerson and Salesforce Ventures for other applications.
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What does it mean?

  • Series C funding round: This refers to the third stage of fundraising for a startup company, with Series A and B preceding it. In a Series C funding round, the company typically seeks to raise a large amount of capital to accelerate its growth or expand into new markets.
  • Valuation: the analytical process of determining the current (or projected) worth of an asset or a company.
  • Cloud-agnostic: a system or software capable of operating seamlessly across multiple cloud environments, without being tied to a specific cloud provider.
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