Canadian artificial intelligence (AI) startupCohereis reportedly in advanced discussions to raise $500 million. <\/p>\n
That funding would value the company which makes foundation models to compete with ChatGPT creator OpenAI at $5 billion, Reuters reported Thursday (March 21), citing a source familiar with the matter. <\/p>\n
According to that source, Coheres annualized revenue run rate has climbed to $22 million this month from $13 million in December as it debuted its new model Command-R. Cohere was valued at $2.2 billion in June of 2023after raising $220 million. <\/p>\n
The Reuters report notes that Cohere has tried to sell its potential to backers by developing enterprise-focused AI models. The company has a partnership with Oracle and also aims to make its models available through other major cloud providers, the report said. <\/p>\n
PYMNTS has contacted Cohere for comment but has not yet gotten a reply. <\/p>\n
The company was founded by formerGoogleresearchers, among them CEOAidan Gomez, co-author of a landmark paper in AI research. That paper, titled Attention is All You Need, led to significant advancements in the way computers analyze and generate text. <\/p>\n
Last year, Gomez wrote a letter to staff criticizingeffective altruism, a movement focused on how to do the most good for humanity, and which has been critical of AI. <\/p>\n
Gomez argued the movement has become dogmatic and self-aggrandizing, and warned of people who believe they are uniquely qualified to help others, stating that they may be inclined to take extreme actions to achieve their goals. <\/p>\n
The philosophy became famous thanks to one of its most high-profile adherents: FTX founder and convicted cryptocurrency fraudsterSam Bankman-Fried. <\/p>\n
Elsewhere on the AI front, PYMNTS this week examinedApplesrecent deal with Google to bring that companys artificial intelligencetech to the iPhone. <\/p>\n
Speaking with PYMNTS,Michael Jaconi, CEO of the AI marketing tech companyButton, touched on a few different ways the deal could impact the AI landscape, including the potential for Apple to drive consumer adoption of AI. <\/p>\n
They could enable consumer adoption atunparalleled scaleby enabling seamless AI integration into iPhone search and Siri functions, Jaconi said. Unlocking AI-powered app connections that control both your digital and physical world at a pace no other company could rival. With this, Apple would bring the concept that the iPhone is a remote control for daily life closer to reality than ever before. <\/p>\n
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Cohere Targets $5 Billion Valuation for ChatGPT Rival - PYMNTS.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Canadian artificial intelligence (AI) startupCohereis reportedly in advanced discussions to raise $500 million. Continue reading