Cohere is in advanced talks to raise between $2 billion and $3 billion. The deal would value the Toronto-based startup at approximately $20 billion. The Canadian government and existing backers are expected to participate in the round.
This financing would rank among the largest ever for a private artificial intelligence company. Cohere develops AI models specifically for enterprise applications. The firm competes directly with industry leaders OpenAI and Google.
Existing investors include Nvidia, Oracle, and Salesforce.