Unlike its rivals, Cohere focuses on customizing its AI models for companies like Oracle, LivePerson, and Notion, rather than having a consumer focus. The company's AI platform is cloud agnostic and can be deployed in various environments. Cohere also runs a nonprofit research lab and releases open models for understanding and analyzing text. As of March, the company was generating $35 million in annualized revenue with hundreds of companies as customers.
Key takeaways:
- Cohere, a generative AI startup, has raised $500 million in a funding round that included investors such as Cisco, AMD, and Fujitsu, bringing its total raised to $970 million and valuing the company at $5.5 billion.
- The company plans to use the funding for "accelerated growth" and to expand its technical teams to build the next generations of accurate, data privacy-focused enterprise AI.
- Cohere's AI platform is cloud agnostic and can be deployed inside public clouds, a customer’s existing cloud, virtual private clouds or onsite. The company works with customers to create tailored models based on their proprietary data.
- As of the end of March, Cohere was generating $35 million in annualized revenue with a customer base of hundreds of companies. The company plans to double its 250-employee headcount this year.