Pension fund manager PSP in talks to co-lead investment in AI company Cohere: report [Globe and Mail, The (Toronto, Canada)]
D-Wave Quantum Inc. Common Shares (QBTS)
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Source: Globe and Mail, The
Inc. at a US$5-billion valuation, according to a report by The Information, even as the pension manager's previous bet on a hot technology sector has yet to pan out. Cohere develops large language models that power chatbots and other applications, and was last valued at US$2.2-billion in June 2023, when it raised US$270-million from Montreal's Inovia Capital, Nvidia and Oracle. Revenue has been minimal to date. The Information reported Cohere, which is seeking to raise at least US$500-million, is bringing in only US$1.8-million per month. The potential funding from PSP Investments, which manages pensions for the federal public service, would value Cohere at more than 200 times revenue. Neither Cohere nor PSP Investments returned requests for comment. Even in the buzzy AI sector, Cohere's valuation stands out. Data from research firm CB Insights values the company at 100 times revenue, behind only Hugging Face, which makes open source tools for AI developers. Competitors OpenAI
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