Canadian AI Startup Cohere Raises $450M at $5B Valuation, Backed by Nvidia and Salesforce

Jun 4, 2024, 06:10 PM

Canadian AI startup Cohere has raised $450 million in a funding round, with significant contributions from returning investors Nvidia and Salesforce, who are doubling down on their investments, as well as new investors Cisco and Canadian pension fund PSP Investments. The funding round values Cohere at $5 billion. Cohere's annual recurring revenue (ARR) has surged from $13 million to $35 million in the past year. The company focuses on enterprise AI models and data privacy. Cohere is looking to raise more in the same round.