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Salesforce, Nvidia, Cisco Invest In AI Startup Cohere At $5B Valuation — Report

Jun 04, 2024 - news.crunchbase.com
Toronto-based AI firm Cohere has secured a $450 million investment from corporate investors including Nvidia, Salesforce Ventures 1, Cisco, and Canadian pension fund PSP Investments, at a $5 billion valuation. This is more than double Cohere's previous value, with the company having raised a $270 million Series C at a $2.2 billion valuation last June. Cohere builds large language models that allow AI to learn from new data, which can be customized for applications such as interactive chat or text generation.

In other AI news, Cisco and its investment arm, Cisco Investments, have launched a $1 billion AI investment fund to support the startup ecosystem and the development of secure and reliable AI solutions. Cisco has already committed nearly $200 million of the investment fund to date, including strategic investments in Cohere, Mistral AI, and Scale AI. In the past, Cisco has made over 20 AI-focused acquisitions and investments.

Key takeaways:

  • Toronto-based Cohere has secured a $450 million investment from corporate investors including Nvidia, Salesforce Ventures 1, Cisco, and Canadian pension fund PSP Investments, at a $5 billion valuation.
  • The company, which builds large language models for AI, has more than doubled its previous value of $2.2 billion from a Series C round last June.
  • Other AI startups have also seen significant valuation increases, including CoreWeave, Mistral AI, and Elon Musk's xAI, which is now valued at $24 billion.
  • Cisco has launched a $1 billion AI investment fund, and has already committed nearly $200 million of it to strategic investments in Cohere, Mistral AI, and Scale AI.
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