Canadian AI startup Cohere has raised $450 million from returning investors like Nvidia and Salesforce, along with new backers including Cisco and PSP Investments. This marks the first tranche of its ongoing fundraising efforts, aiming for a $5 billion valuation. The funding elevates Cohere’s value from $2.2 billion last June. Specializing in generative AI with a focus on data privacy, Cohere achieved $35 million in annualized revenue by March, up from $13 million last year. Competing with OpenAI and Anthropic, Cohere benefits from Canada's $2.4 billion investment in AI research, despite a cooling in early-stage AI funding.
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