Cohere, whose customers include big names like Spotify, Salesforce and Shopify, aims to grow its technical team with the new investment. Toronto-based artificial intelligence startup Cohere raised $500 million from Cisco, AMD, Fujitsu, PSP Investments and EDC in an investment round with a valuation of $5.5 billion. Cohere, founded by former Google employees Aidan Gomez, Ivan Zhang and Nick Frosst, aims to enable individuals and businesses to harness the power of artificial intelligence by developing big language models that everyone can access and use. Offering solutions in the fields of AI-based text creation, text analysis, summarization and translation, the startup enables language customization according to user needs.

Cohere

Cohere develops language models that are used in the text analytics of Spotify's music and podcast content, helping Shopify improve the customer experience. The Toronto-based startup, which received an investment of $ 270 million at a valuation of $ 2.1 billion in June last year, doubled its company value with the newly closed round. The startup, which has received a total investment of $970 million, plans to expand its operations with this investment.

We continue to significantly expand our technical teams to build enterprise AI with a focus on data privacy. Cohere is focused on leading the AI industry beyond esoteric benchmarks to deliver real-world benefits in the daily workflows of global enterprises across regions and languages.

Josh Gartner, Cohere's Director of Communications