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Cohere Targets $5 Billion Valuation for ChatGPT Rival

Mar 21, 2024 - pymnts.com
Canadian AI startup Cohere is reportedly in talks to raise $500 million in funding, which would value the company at $5 billion. The firm, which competes with OpenAI's ChatGPT by creating foundation models, has seen its annualized revenue run rate increase from $13 million in December to $22 million this month following the launch of its new model, Command-R. Cohere, which was valued at $2.2 billion in June 2023 after raising $220 million, has been selling its potential to investors by developing enterprise-focused AI models and has partnerships with Oracle and other major cloud providers.

The company was founded by former Google researchers, including CEO Aidan Gomez, who co-authored a landmark AI research paper. Gomez recently criticized the effective altruism movement, warning that it has become dogmatic and self-aggrandizing. The report also mentions Apple's recent deal with Google to bring its AI technology to the iPhone, with Michael Jaconi, CEO of AI marketing tech company Button, suggesting the deal could drive consumer adoption of AI.

Key takeaways:

  • Canadian AI startup Cohere is reportedly in talks to raise $500 million, which would value the company at $5 billion.
  • Cohere's annualized revenue run rate has increased to $22 million this month from $13 million in December, following the debut of its new model Command-R.
  • The company, which develops enterprise-focused AI models, has a partnership with Oracle and plans to make its models available through other major cloud providers.
  • Cohere was founded by former Google researchers, including CEO Aidan Gomez, who co-authored a landmark paper in AI research titled “Attention is All You Need”.
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