Cohere, a Canadian AI start-up, has reached a valuation of $6.8 billion after securing $500 million in a recent funding round. This investment will help Cohere accelerate its agentic AI offerings. The funding round was led by Radical Ventures and Inovia Capital, with participation from existing investors including AMD Ventures, Nvidia, and Salesforce Ventures, as well as new investors like PSP Investments and the Healthcare of Ontario Pension Plan. Patrick Pichette, a partner at Inovia, is expected to join Cohere's board of directors.
Founded in 2019 by Aidan Gomez, who co-authored the "Attention is All You Need" paper, Cohere provides AI-powered tools for automating tasks across various industries. The company focuses on enterprise solutions and competes with AI giants like OpenAI and Google in developing large language models. According to Cohere, the new capital will enable it to accelerate its efforts to make businesses and governments more efficient through agentic AI solutions. Strategic partners such as Oracle, Dell, Bell, Fujitsu, LG CNS, and SAP are using Cohere's North platform. North uses Cohere's Command A, Command A Vision, Embed 4, and Rerank 3.5 models.
In addition to the funding, Cohere has strengthened its leadership team with key executive appointments. Joelle Pineau, formerly the Vice President of AI Research at Meta, has joined Cohere as its first Chief AI Officer. Pineau, a computer scientist and professor at McGill University, led Meta's Fundamental AI Research team and is a core member of Mila, the Quebec Artificial Intelligence Institute. Francois Chadwick, an ex-Uber executive, has been appointed as Cohere's Chief Financial Officer. Chadwick was also a partner at KPMG US and the former CFO at Shield AI.
These appointments reflect Cohere's commitment to scaling its enterprise AI solutions and intensifying competition with established players in the AI space. Pineau's recruitment is a significant move for Cohere, signaling its intention to compete for top talent against companies like Meta and OpenAI. Based in Cohere's new Montreal office, Pineau will leverage her ties to the Canadian AI ecosystem. One of Pineau's immediate challenges will be navigating a leadership transition within the research division, following the announced departure of Cohere's VP of AI Research, Sara Hooker.
Aidan Gomez, the CEO and co-founder of Cohere, stated that the company is at a pivotal moment in accelerating the delivery of secure AI that empowers enterprises worldwide and is excited to enter this new phase of expansion alongside its partners. He also expressed his enthusiasm for welcoming Joelle and Francois, whose experience, talent, and insight will be instrumental in continuing Cohere's growth.
