Cohere, a rival to Microsoft-backed OpenAI, said on Thursday that it had raised USD 270 million in a funding round led by Nvidia, Oracle, and Salesforce Ventures, among others.
Foundation models are AI systems that have been trained on massive amounts of data and can learn from new data to perform a range of tasks. The goal of generative AI is to create human-like creations using computer code that has processed huge volumes of data.
The startup did not reveal its valuation after the latest funding round.
AI startups are a bright spot in an otherwise gloomy venture capital investment environment, particularly for technology companies, as interest rates rise and investors focus more on profitability. Inovia Capital led Cohere's series C investment, which was joined by DTCP, Mirae Asset, Schroders Capital, SentinelOne, and Thomvest Ventures.
Since the November introduction of ChatGPT, the technology that can generate writing, graphics, or computer code on command has piqued the interest of investors.