Valuation reports from financial news outlets or Cohere's official announcements

Cohere Launches Secure AI Platform 'North,' Partners with RBC, Ranked Third in AI Maturity

Jan 9, 2025, 01:17 PM

Cohere has launched 'North,' a secure AI workspace platform tailored for enterprises, now available through an early access program. The platform integrates large language models (LLMs), search, and automation to enhance productivity and streamline workflows. North offers deployment options in private cloud or on-premises environments, addressing stringent privacy and security requirements, making it particularly appealing to regulated industries such as finance and healthcare. The Royal Bank of Canada (RBC) has partnered with Cohere to develop 'North for Banking,' a customized version of the platform for financial services. This collaboration aims to improve efficiency and productivity by securely integrating AI into RBC's operations. RBC has also invested in building one of the largest GPU infrastructures in Canada to support AI systems. Cohere claims North outperforms competitors like Microsoft Copilot and Google Vertex AI in key business functions, including finance and IT. The platform's advanced search capabilities, powered by its Compass system, enable employees to extract actionable insights from diverse data formats, significantly reducing task completion times. Cohere, founded in 2019, has secured substantial funding, including $500 million in July 2024, and was valued at $5.5 billion. In October 2024, RBC ranked third globally in AI maturity among financial institutions.