OpenAI rival Cohere is in talks with investors to raise "hundreds of millions of dollars" at an over $6B valuation.
The Canadian firm, established by former Google researchers, gives
developers and organizations access to natural language processing (NLP
models) that would resemble ChatGPT.
- The
firm counts Index Ventures, Tiger Global, and Radical Ventures as its
backers, who have helped Cohere raise nearly $170M to date.
- Cohere's AI model initially leveraged Alphabet's TPU computing power, later adding support for Amazon's SageMaker last month.
- Instead
of seeking strategic investments with exclusive rights, the company
intends to keep the platform on multiple cloud services.
- One of the products in its portfolio is Hypewrite, which leverages AI to generate articles.
- Anthropic, another generative AI peer, was seeking $300M from investors at a $5B valuation last week.
- OpenAI received a $10B commitment from Microsoft.
