Märkte & Kurse

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

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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.

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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
Urtasun.

Media Contact
press@cohere.com

DTCP Contact
melanie.boettcher@dtcp.capital


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   Sprache:        Deutsch
   Unternehmen:    Digital Transformation Capital Partners
                   Am Sandtorpark 2
                   20457 Hamburg
                   Deutschland
   Internet:       https://www.dtcp.capital/
   EQS News ID:    1652915



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