VentureBeat July 22, 2024
Even as questions and criticism swirl around the return-on-investment of generative AI tools for enterprises, one specifically enterprise-focused AI startup, Cohere, from Toronto, Canada, has just today announced a fresh $500 million Series D fundraising round.
That brings the company’s total valuation to $5.5 billion, nowhere near the reported $90 billion of OpenAI, but a still significant sum that shows investor enthusiasm in the sector is not waning quite yet.
Cohere’s new fundraising, first reported by Bloomberg and confirmed by the company, was led by the Canadian pension investment firm PSP Investments and a group of new investors, including Cisco Systems, Fujitsu, AMD’s venture arm AMD Ventures, Magnetar, and Export Development Canada.
Cohere head of communications Josh Gartner told VentureBeat...
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