Cohere, AI startup, has just raised $500 million from investors like Cisco, AMD, and Fujitsu, valuing the company at a whopping $5.5 billion.
The company, co-founded by ex-Google researchers, has been focusing squarely on the enterprise market, providing customized AI models to big-name clients like Oracle, LivePerson, and Notion.
Unlike some of its rivals, Cohere doesn’t aim to create AI-powered chatbots or apps for everyday consumers. Instead, it’s all about helping companies streamline their workflows and get more done with AI.
Cohere’s AI platform is cloud-agnostic, meaning it can be deployed on any cloud infrastructure, from public clouds like Google Cloud or Amazon Web Services to on-site deployments. The company takes a hands-on approach, working closely with customers to create tailored models based on their proprietary data.
The startup’s strategy seems to be paying off, with revenues jumping to $35 million annually, up from just $13 million last year.
Cohere plans to double its 250-employee headcount this year, and its partnership with Google Cloud will likely play a big role in helping the company train and run its AI models.
With its new funding, Cohere is well-positioned to take on the competition and continue pushing the boundaries of what’s possible with generative AI.