AI Startup Cohere Reportedly Looking To Raise $500M To $1B

Key Points:

  • Toronto-based Cohere is in discussions to raise between $500 million and $1 billion, following in the footsteps of previous AI startup fundraising efforts.
  • Cohere specializes in building large language models for AI to learn from new data and received a $270 million Series C funding round.
  • The AI industry experienced significant fundraising in 2023, raising nearly $50 billion, prompting speculation about whether 2024 will continue this trend.

Summary:

In the world of AI startups, the potential for a significant funding round is on the horizon for Toronto-based Cohere, as it enters discussions for a raise between $500 million and $1 billion. This news follows a previous report of Anthropic, another AI startup, considering a $750 million funding round. Cohere, which specializes in building large language models for AI to learn from new data, previously secured a $270 million Series C funding round. The AI industry experienced massive fundraising in 2023, with generative AI and AI-related startups raising nearly $50 billion, sparking interest in whether 2024 will follow the same path.

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