📝 Cohere raises $500M+

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Toronto-based Cohere has closed an oversubscribed $500 million round, led by Radical Ventures and Inovia Capital, which boosts its valuation to $6.8 billion from $5.5 billion just over a year ago. Founded in 2019 by transformer paper co-author Aidan Gomez, Cohere has carved out a niche as a “security-first” LLM provider for enterprises, in contrast to consumer-focused rivals like OpenAI and Anthropic, landing partnerships with Oracle, Dell, RBC, SAP, and the Healthcare of Ontario Pension Plan (a new investor). The company also poached Meta’s long-time research head Joelle Pineau as chief AI officer and brought in former Uber finance exec Francois Chadwick as CFO, as it positions itself to capture the enterprise AI market amid intensifying competition and shifting investor allegiances.

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