AI startup Cohere raises $270 million in Nvidia-backed funding round

Synopsis Cohere, an AI foundation model company that competes with Microsoft-backed OpenAI, said on Thursday it had raised $270 million in a funding round backed by Nvidia, Oracle and Salesforce Ventures, among others. ETtech Cohere , an AI foundation model company that competes with Microsoft-backed OpenAI, said on Thursday it had raised $270 million in a funding round backed by Nvidia , Oracle and Salesforce Ventures, among others. Foundation models are AI systems that are trained on large sets of data, with the ability to learn from new data to perform a variety of tasks.

Generative AI aims to make human-like creations through computer code that has processed vast amounts of data. Cohere did not reveal its valuation after the latest funding round. “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 on Thursday.

AI startups are a bright spot in an otherwise subdued market for venture capital funding, particularly for technology companies, amid rising interest rates and increased investor focus on profitability. Cohere’s series C round was led by Inovia Capital and joined by other investors such as DTCP, Mirae Asset, Schroders Capital , SentinelOne and Thomvest Ventures. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Since the launch of ChatGPT in November, the technology that can generate prose, imagery or computer code on command has attracted investor attention.

Last month, Anthropic, another AI startup which has received backing from Alphabet Inc’s Google, also raised $450 million in a new round. Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here! Thursday, 08 Jun, 2023 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Economy Sports & Companies More Regulation? AI, Says Altman Unleashing Creativity: While norms are needed for major companies, smaller players should be allowed to flourish, OpenAI CEO says in a conversation with Times Internet vice chairman Satyan Gajwani.

Visa Delays for Chinese Pros Hit India Biz The government’s strict approval process for granting visas to Chinese nationals and clearing investment plans of Chinese firms is now hurting Indian businesses, with projects getting delayed or even scrapped, multiple industry executives told ET. OECD Raises India’s FY24 Growth Forecast a Jot to 6% The Organisation for Economic Co-operation and Development (OECD) on Wednesday moved its forecast on India’s economic expansion for this fiscal year higher to 6%, from 5. 9%, while citing weak global demand and the effect of monetary policy tightening as factors constraining the growth.

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