Cohere's acquisition comes amid its own corporate challenges, having missed revenue targets by 85% in early 2023. However, the company recently reported reaching $100 million in annualized revenue after shifting focus to private AI deployments in sectors like healthcare and finance. As part of Cohere, Ottogrid will concentrate on North, Cohere's new ChatGPT-style application for knowledge workers. The acquisition reflects Cohere's strategic efforts to bolster its AI offerings despite recent financial setbacks.
Key takeaways:
- AI startup Cohere has acquired Ottogrid, a platform for automating high-level market research, and plans to integrate it into Cohere's platform.
- Ottogrid will sunset its product but will provide customers with ample notice and a reasonable transition period.
- Cohere is experiencing corporate turbulence, having missed its revenue target by 85% last year, but recently shifted focus to private AI deployments, reaching $100 million in annualized revenue.
- Ottogrid, initially launched as Cognosys in 2023, raised $2 million in venture capital and will now focus on Cohere's North application for knowledge workers.