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Cohere, an enterprise-focused AI startup, has raised $270 million in a Series C round of venture capital that includes the AI giant. nvidia as an investor.
As big tech companies race to secure their spots on AI ecosystems, giant corporations are making multiple investments in startups. On Cohere’s new tour, inspiration And sales force They were also investors. The $270 million round was more than Cohere, who is only four years old, has collected in total to date — $175 million. Cohere is one of the companies that Salesforce Ventures’ generative AI fund invests in.
Microsoftwhich supports OpenAI with billions of dollars, recently agreed to spend billions on CoreWeave’s AI infrastructure, in which Nvidia is already invested.
OpenAI ranked #1 on the 2023 CNBC Disruptor 50 list. Queer ranked #44.
Cohere makes AI tools that can power scripting, searching, and summarizing, and sees an opportunity to grow in the market and differentiate itself from OpenAI by focusing on enterprises’ concerns about proprietary data fed into large language models. OpenAI, which requires large amounts of data to train its models, is working with enterprise customers to address these concerns. The company is also inking deals with major corporations to embed its generic AI technology within sectors from tech to financial services while providing a firewall around company data, and is also said to be working on an open-source version of its AI.
Existing customers include global streaming platforms, apparel companies, and companies that use the platform to streamline customer service or improve content moderation capabilities, Kuehr says. It recently teamed up with conversational commerce and AI chat software company LivePot to deliver custom big language models for businesses.
“We want to create the toolkit that any developer can access,” co-founder and CEO Aidan Gomez told CNBC in June 2022.
Most recently, he told CNBC, “What you’ll see is that humans will become 10 times more efficient at what they do,” though he stressed that adoption and acceleration of AI in the workplace will take years. . “The reality is that this is going to be a slow process over the next half decade and there will be time to adjust and change your job,” he said.
A new survey about the US workforce Thursday from CNBC and SurveyMonkey shows that nearly a quarter of American workers fear that artificial intelligence will soon make their jobs obsolete. The majority say they don’t use AI today, but many workers (43%) say they expect their job to change dramatically in the next five years due to disruption caused by AI.
Cohere’s founders have strong ties with the alphabetGoogle. Gomez and Nick Frost are former members of the Google Brain team (the exploration AI team now under Google Research). Gomez, CEO of Cohere, has worked with others at Alphabet’s Google to develop adapters, a new approach to natural language processing that improves contextual awareness and accuracy.
In November 2022, Cohere partnered with Google’s cloud platform to train its models.
Nvidia’s share price is up more than 160% this year on booming AI chip sales, as investors view it as one of the tech giants with the potential to dominate the cutting-edge AI landscape. Nvidia Founder and CEO Jensen Huang expressed his confidence in Cohere, saying in a press release announcing the funding, “The team at Cohere has made fundamental contributions to generative AI. Their service will help companies around the world harness these capabilities to automate and accelerate.”
“We’re ahead of real publishing, so I think Boil Underwater is all this work that’s going on just to turn every single product, every single company,” Gomez told CNBC in May.
Cohere’s new funding round was led by Inovia Capital, and also included DTCP, Mirae Asset and Schroders Capital, the former Disruptor 50 firm. The guard is oneThomvest Ventures, and returning investor Index Ventures.
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