DTCP: Cohere Announces $270M Series C to Bring Generative AI to Enterprises

Emittent / Herausgeber: Digital Transformation Capital Partners /

Schlagwort(e): Private Equity/Beteiligung/Unternehmensbeteiligung

DTCP: Cohere Announces $270M Series C to Bring Generative AI to Enterprises

08.06.2023 / 16:28 CET/CEST

Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich.

Cohere Announces $270M Series C to Bring Generative AI to Enterprises

Funding will accelerate Cohere's leadership position giving enterprises the

power of AI on the cloud platform of their choice, keeping their data

private and secure

SAN FRANCISCO & TORONTO, June 8, 2023 - Cohere, the leading AI platform for

enterprise, today announced $270M in new capital as part of its Series C

financing. Inovia Capital led the round, with additional participation from

a diverse group of global institutional and strategic investors, including

NVIDIA, Oracle, Salesforce Ventures, DTCP, Mirae Asset, Schroders Capital,

SentinelOne, Thomvest Ventures, and returning investor Index Ventures. This

group represents investors from the USA, Canada, Korea, the UK, and Germany,

and includes some of the most respected technology companies in the world.

"AI will be the heart that powers the next decade of business success," said

Aidan Gomez, CEO and co-founder, Cohere. "As the early excitement about

generative AI shifts toward ways to accelerate businesses, companies are

looking to Cohere to position them for success in a new era of technology.

The next phase of AI products and services will revolutionize business, and

we are ready to lead the way."

"We are at the beginning of a new era driven by accelerated computing and

generative AI," said Jensen Huang, founder and CEO of NVIDIA. "The team at

Cohere has made foundational contributions to generative AI. Their service

will help enterprises around the world harness these capabilities to

automate and accelerate."

AI Built for Enterprise

Cohere's AI platform is uniquely designed for enterprises, offering

data-secure deployment options in companies' existing cloud environments,

customization, and customer support. This includes an ecosystem of

consulting and system integrator partners to help enterprises at any stage

in their AI journey.

Cohere's enterprise AI suite is cloud-agnostic, offering the highest levels

of flexibility and data privacy. The platform is built to be available on

every cloud provider, deployed inside a customers' existing cloud

environment, virtual private cloud (VPC), or even on-site, to meet companies

where their data is. This empowers businesses to transform existing products

and build the next era-defining generation of innovative solutions all while

keeping their data secure.

"Our entire raison d'être is to invest in great entrepreneurs who have great

worldwide mission and ambitions," said Steve Woods, CTO and Partner, Inovia

Capital. "Very few ideas can fundamentally change society and add more value

to humankind. This is obviously one such opportunity and we are thrilled to

partner with Cohere to be a part of it.

"Today's news comes on the heels of Cohere's momentum in several areas: a

recent announcement to collaborate with Salesforce Ventures to advance

generative AI to realize business value; an engagement with LivePerson to

supercharge customer experiences; and a host of additional demand and

interest from the enterprise market. As Cohere continues to advance its

industry-leading technology, Stanford's most recent language model

evaluation has also ranked Cohere's Command model highly in accuracy over

comparable models. Meanwhile, Cohere recently released the first-ever

publicly available multilingual understanding model trained on authentic

data from native speakers; it's equipped to read and understand over 100 of

the world's most commonly spoken languages.

"Cohere has a rare combination of top-tier talent, the most innovative

technology and is best positioned to seize the global enterprise market

opportunity for Generative AI and LLMs," said Lance Matthews, Managing

Director, DTCP. "Our unique fund structure and relationships allows us to

gather a coalition of global institutional and strategic investors including

Deutsche Telekom to accelerate Cohere's vision to bring this technology to

enterprises worldwide."

To learn more about Cohere and its growing team, visit www.cohere.com.

About Cohere

Cohere is the leading AI platform for enterprise. Its world-class AI is

uniquely suited to the needs of business, unlocking unprecedented

ease-of-use, accessibility, and data privacy. Cohere's platform is

cloud-agnostic, accessible through API as a managed service, and can be

deployed on virtual private cloud (VPC) or even on-site to meet companies

where their data is, offering the highest levels of flexibility and control.

Founded by Google Brain alumni and a co-author of the seminal Transformer

research paper, Cohere is on a mission to transform enterprises and their

products with AI that unlocks a more intuitive way to generate, search, and

summarize information than ever before. The company is backed by group of

global institutional and strategic investors including DTCP, Index Ventures,

Inovia Capital, Mirae Asset, NVIDIA, Oracle, Radical Ventures, Salesforce

Ventures, Section 32, and Tiger Global, as well as several AI luminaries,

including Geoffrey Hinton, Jeff Dean, Fei-Fei Li, Pieter Abbeel, and Raquel


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Sprache: Deutsch

Unternehmen: Digital Transformation Capital Partners

Am Sandtorpark 2

20457 Hamburg


Internet: https://www.dtcp.capital/

EQS News ID: 1652915

Ende der Mitteilung EQS News-Service

AXC0132 2023-06-08/16:29

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