Generative AI firm Cohere raises $270M in funding round backed by NVIDIA, Oracle
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Companies and venture funds continue to pour money into firms touting artificial intelligence (AI) capabilities, with generative AI startup Cohere becoming the latest to attract capital from some high-profile names.
Cohere, a developer of large language models (LLMs), on Thursday said it had raised $270M in a new series C funding round, with participation from investors including NVIDIA (NVDA), Oracle (ORCL) and Salesforce's (CRM) venture capital arm.
"AI will be the heart that powers the next decade of business success," Cohere CEO and co-founder Aidan Gomez said in a statement. "As the early excitement about generative AI shifts toward ways to accelerate businesses, companies are looking to Cohere to position them for success in a new era of technology."
"The team at Cohere has made foundational contributions to generative AI. Their service will help enterprises around the world harness these capabilities to automate and accelerate," NVIDIA (NVDA) CEO Jensen Huang said.
NVIDIA (NVDA) has seen its market capitalization cross $1T recently, with the stock riding a wave of enthusiasm around AI. The chipmaker late last month reported blockbuster quarterly results and "jaw-dropping" guidance based on demand for AI-related technology.
According to Cohere, its LLMs are designed for enterprises, and it offers deployment options in companies' existing cloud ecosystems.
The immense attention around AI and its capabilities has partly fueled a massive runup in technology stocks this year. Recently, however, some cracks have begun to show in the rally.
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