AI model developer startup Cohere raises $500M at $5.5B valuation

July 22, 2024: Cohere Raises $500M, Valued at $5.5B - AI model developer Cohere Inc. secured $500 million in a Series D funding round, doubling its valuation to $5.5 billion. The round was led by PSP Investments with contributions from Cisco, Fujitsu, AMD Ventures, and EDC. Cohere focuses on enterprise AI models and competes with OpenAI and Google. Its Command R+ model supports multilingual business tasks and enterprise workflows. The company serves diverse industries and recently partnered with Fujitsu for specialized Japanese-language LLMs.