OpenAI rival Cohere is looking to raise $500m at a valuation of around $5bn, according to Reuters, citing people familiar with the matter. 

Canada-based Cohere was founded by former Google researchers and has specialised in building enterprise-focused AI models. 

The startup’s revenue run rate increased to $22m this month from $13m in December, according to Reuters

Cohere is currently in a partnership with cloud giant Oracle and is looking to expand its models to other leading cloud providers.

The Canadian startup was valued at $2.2bn in June after it raised $270m from NVIDIA, Oracle and other investors. 

Cohere’s previous fundraising success highlights how investors are looking to increase spending in GenAI, following the success of OpenAI’s ChatGPT.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The value of global AI deals totalled $331bn throughout 2023, an increase from $211bn in 2022, according to GlobalData’s deal database.

In 2023, the value of global AI deals peaked in the second quarter (Q2), with the sector raising $119bn. This was a slight increase over the beginning of the year, which saw deals valued at $104bn. However, in Q3 the value of AI deals fell significantly lower, totalling $68bn.

GlobalData predicts the total AI market will be worth $908.7bn by 2030.