AI Startup Cohere Nears Deal to Raise Funds at $5 Billion Valuation [BNN Bloomberg (Canada)]
NVIDIA Corporation (NVDA)
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Source: BNN Bloomberg
Cohere is talking with investors about raising $500 million or more, according to a person familiar with the matter who asked not to be identified because the information is private. The deal is expected to include major investors from Cohere's $270 million Series C funding round last year. That round, which was announced in June, valued the company at more than $2.1 billion, Bloomberg News reported at the time. It was led by Inovia Capital and included a range of strategic investors such as Nvidia Corp., Oracle Corp. and Salesforce Ventures. It's unclear when the new financing round may close. Reuters previously reported on the talks. Cohere declined to comment on the deal. Founded in 2019, Toronto-based Cohere builds large language models — software trained on massive swaths of the internet to analyze and generate text — and customizes them for users. Companies can use its models to do things like summarize customer emails or help write website copy. Co-founder and Chief Exec
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