Just months after the previous round of investment, the artificial intelligence firm Cohere is collaborating with banks to raise a fresh round of funding, supported by investors such as Oracle Corp. and Nvidia Corp.
According to Bloomberg News, Cohere, an OpenAI rival, raised $270 million in June from a variety of investors at a valuation of $2.2 billion. According to one insider, the company is requesting a bigger valuation in the current round.
Cohere was established in 2019 and creates big language models—computer programs trained to analyze and produce text using extensive stretches of the internet. For activities like summarizing customer communications or assisting with website material, businesses can employ their models.
AI-focused companies are experiencing a wave of interest in the technology, with Tel Aviv-based AI21 Labs announcing on Wednesday that it had raised $1.4 billion in capital from investors including Nvidia and Google. In contrast, many tech startups have seen their value plummet and have been forced to raise funds at a discounted price.