Prime Highlight
- Cohere secured an additional $100 million in funding, raising its valuation to $7 billion and extending its August $500 million round.
- The company announced a new partnership with AMD, enabling its Command-family AI models to run on AMD Instinct GPUs while continuing Nvidia support.
Key Facts
- Founded in 2019 by Aidan Gomez, co-author of the “transformer” paper, Cohere focuses on enterprise AI with an emphasis on data sovereignty.
- New investors include Business Development Bank of Canada (BDC) and Nexxus Capital Management, joining the latest funding round.
Background
Enterprise AI company Cohere has secured an additional $100 million in funding, lifting its valuation to $7 billion, the company announced on Wednesday. The raise extends its August financing round, which brought in $500 million at a $6.8 billion valuation.
Alongside the funding, Cohere revealed a new partnership with AMD, a major competitor to Nvidia in the GPU market. The company’s full line of Command-family AI models, covering vision, translation, and reasoning, can now run on AMD’s Instinct GPUs. In addition, AMD will also adopt Cohere’s technology internally, strengthening the collaboration. Cohere clarified that it will continue supporting Nvidia GPUs and does not plan to limit its services exclusively to AMD hardware.
Founded in 2019 by Aidan Gomez, one of the authors of the landmark “transformer” paper that fueled today’s AI boom, Cohere initially emerged as a strong player in the enterprise AI space. However, the company has since been overshadowed by the rapid rise of rivals OpenAI and Anthropic, now valued at $500 billion and $183 billion, respectively.
Cohere has continued to focus on the enterprise market, specifically marketing AI sovereignty, assisting organisations to keep their data and models under their ownership as opposed to using a foreign-owned site. The company confirmed that Business Development Bank of Canada (BDC) and Nexxus Capital Management joined as new investors in this latest round.
With this funding and partnership, Cohere aims to strengthen its position in the competitive AI sector while expanding support for enterprises that prioritise local control and data security.
