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Cohere, an enterprise-focused generative artificial intelligence startup, has raised $270 million in Series C venture capital funding involving AI giants Nvidia as an investor.
Enterprise giants are making multiple startup investments as tech giants race to secure their place in the AI ecosystem. In the new Cohere round, Oracle and Salesforce was also an investor. The $270 million in funding exceeds the $175 million total raised so far by Cohere, just four years old. Cohere is one of the companies that the new Salesforce Ventures Generative AI Fund is investing in.
microsoftis backing OpenAI with billions of dollars, and recently agreed to spend billions on CoreWeave’s AI infrastructure, which Nvidia has already invested in.
OpenAI ranked #1 on the 2023 CNBC Disruptor 50 list. Kohia was ranked 44th.
Cohere develops AI tools that can enhance copywriting, search and summarization, and by focusing on enterprise concerns about proprietary data being fed into large language models, Cohere has grown in the market and We see an opportunity to differentiate ourselves from OpenAI. OpenAI is built on an open-source platform that requires large amounts of data to train models. OpenAI is working with enterprise customers to address these concerns, and has also signed deals with major companies to embed their AI engines in areas ranging from technology to financial services while providing a firewall around enterprise data. .this is
Current customers include global streaming platforms, apparel companies and companies that use the platform to streamline customer service and improve content moderation capabilities, Kohia said. And most recently, conversational commerce and he worked with AI software company Liveperson to deliver customized large-scale language models for enterprises.
“We want to build a toolkit that is accessible to any developer,” co-founder and CEO Aidan Gomez told CNBC in June 2022.
Just recently, he told CNBC that “humans will be 10 times more efficient at work,” but stressed that the adoption and acceleration of AI in the workplace will take years. . “The reality is that the next five years will be a slow process and I will have time to adapt and change my job,” he said.
About a quarter of U.S. workers fear AI will soon make their jobs obsolete, according to a new survey of the U.S. workforce released Thursday by CNBC and SurveyMonkey. doing. While the majority say they are not currently using AI, many workers (43%) say they expect AI disruption will significantly change their jobs in the next five years .
Cohere Founders Have Strong Connections alphabetGoogle. Gomez and Nick Frosst are former members of the Google Brain team (now an exploratory AI team under Google Research). Cohere CEO Gomez collaborated with other Google employees at Alphabet to develop Transformers, a new natural language processing technique that improves contextual awareness and accuracy.
In November 2022, Cohere partnered with Google’s cloud platform to train the model.
Nvidia shares have surged more than 160% this year, boosted by strong sales of AI chips, and investors see Nvidia as one of the tech giants likely to dominate the evolving AI world. In a press release announcing the funding, Nvidia founder and CEO Jensen Huang said, “The team at Cohere has made foundational contributions to generative AI. , will help enterprises around the world leverage these capabilities to automate and accelerate,” said Cohere.
Gomez told CNBC in May, “We’re in the pre-roll phase, so there’s all the work boiling under the hood to transform every product, every company. I think there is,” he said.
Cohere’s new funding round was led by Inovia Capital, with participation from DTCP, Mirae Asset, Schroders Capital and a former Disruptor 50 firm. sentinel oneThomvest Ventures, and returning investor Index Ventures.