PYMNTS.com July 22, 2024
AI startup Cohere has been valued at $5.5 billion following a new funding round.
As Bloomberg News reported Monday (July 22), this $500 million round brings Cohere’s total funding to $970 million.
According to the report, Canada-based Cohere is the rare artificial intelligence (AI) startup creating massive large language models from scratch, partly because the technology is extremely expensive and difficult to build.
And while rivals such as OpenAI and Google are trying to build artificial general intelligence, or AGI, or AI software that can perform tasks at or above the level of humans, Cohere is instead focused on more practical goals, Co-founder Nick Frosst told Bloomberg.
“We’re not out there chasing AGI,” he said. “We’re trying to make models...
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