The Strategist

Canadian competitor of OpenAI raises $270M in investment

06/09/2023 - 03:30

A Canadian rival of OpenAI has secured $270 million from investors, including Oracle and Nvidia. Now, the artificial intelligence start-up company called Cohere is worth more than $2 billion.

Canadian firm Cohere, which creates artificial intelligence technologies, has raised $270 million in funding. A number of institutional and strategic investors, including US chip and video card manufacturer Nvidia and software developer Oracle, participated in the company's C round.

Martin Con, president and COO of Cohere, told Bloomberg that the company has now received around $445 million in investments overall. According to a source, the startup was valued at $2.1-2.2 billion during the financing. Bloomberg notes that Cohere co-founder and CEO Aidan Gomez was formerly at Google and Martin Cohn was formerly a senior executive at YouTube. 

Con adds that avoiding giving away too much stock or business control to investors is a primary goal. "We don't want to give away the majority of our company to some entity and then be forced to carry out its wishes," Con stated. The additional funds will be used by Cohere to meet its computing requirements and to develop new technologies.


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