On Wednesday, Enterprise AI model-maker Cohere mentioned it raised a further $100 million — bumping its valuation to $7 billion — in an extension to a spherical introduced in August. The August spherical was an oversubscribed $500 million spherical at a $6.8 billion valuation, the corporate mentioned on the time.
Cohere additionally introduced an fascinating twist on a partnership. Whereas competitor OpenAI simply nabbed an up-to $100 billion funding from the most important GPU participant, Nvidia, Cohere has signed a take care of AMD, which is certainly one of its traders.
Cohere’s full suite of Command-family AI fashions, together with the Command imaginative and prescient, translate, and reasoning fashions, can now run on AMD’s Intuition GPU, a Nvidia GPU competitor. Furthermore, AMD shall be utilizing Cohere internally as a buyer. Cohere will not be, nonetheless, abandoning help of Nvidia GPUs to strictly help AMD, the corporate tells TechCrunch.
Cohere started as a entrance runner within the AI mannequin race. It was co-founded in 2019 by Aidan Gomez, one of many authors of the “Transformer” paper that gave rise to the trendy generative AI growth.
However, whereas a zero-to-$7 billion valuation in six years would have been awe inspiring a decade in the past, Cohere has since been overshadowed by the blindingly quick rise of OpenAI and its closest competitor Anthropic. OpenAI as an illustration, was reportedly valued at $500 billion final month whereas Anthropic hit an $183 billion valuation early this month.
Cohere, which has all the time centered on the enterprise market, is now advertising and marketing itself to enterprises the place AI sovereignty is pressing, aka protecting native management of the information and fashions, moderately than placing them within the arms of a overseas entity. To that finish, Enterprise Growth Financial institution of Canada (BDC) and Nexxus Capital Administration (identified for its Mexico and Iberia funds) had been new traders on this recent $100 million spherical, Cohere says.
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