An AI foundation model company, Cohere, has secured a $270 Million Series C Round led by Inovia Capital and joined by other investors such as DTCP, Mirae Asset, Schroders Capital, SentinelOne and Thomvest Ventures.
CEO Aidan Gomez confirmed the funding in a statement on Thursday.
Cohere is a rival to Microsoft-backed OpenAI and got the support of Nvidia, Oracle, Salesforce Ventures among others.
Foundation models are artificial intelligence (AI) systems that can learn from new data and perform a range of tasks after being trained on big datasets.
Through computer code that has analysed enormous quantities of data, generative AI aspires to produce objects that resemble humans.
“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,” CEO Aidan Gomez said.
The Canadian startup was founded in 2019 by Aidan Gomez, Ivan Zhang, and Nick Frosst.