Canadian AI startup climbs to $7 billion valuation after fresh funding

_*:min-w-0 ! gap-3.5"> A Canadian artificial intelligence company backed by Nvidia has seen its worth climb to $7 billion after securing fresh funding, as companies around the world rush to add AI tools to their ￰0￱ ￰1￱ $100 million from the Business Development Bank of Canada and Nexxus Capital Management as part of closing out its latest $500 million funding ￰2￱ Ventures and Inovia Capital led the investment, joined by current backers including Nvidia ￰3￱ Public Sector Pension Investment ￰4￱ Toronto company plans to use the money to speed up work on its business-focused AI technology and expand its reach in both government and private company markets, according to a company ￰5￱ starting in 2019, Cohere has focused on building large language models that it tailors for business ￰6￱ company goes head-to-head with bigger names like OpenAI and Anthropic PBC as these firms move beyond regular consumers to target business ￰7￱ company’s main product, called North, gives businesses and government agencies a way to connect everyday work tools like Slack and Google Drive with AI ￰8￱ can set up automated tasks within their own computer ￰9￱ some rivals, Cohere does not offer computing power services, which keeps its costs ￰10￱ major companies have teamed up with Cohere for their AI needs Oracle Corp., Dell Technologies Inc., McKinsey & ￰11￱ Royal Bank of Canada all work with the ￰12￱ July, BCE ￰13￱ a deal to add Cohere’s AI models to its ￰14￱ Canadian government also signed a preliminary agreement to use more of the company’s technology in public ￰15￱ leader Aidan Gomez said Cohere’s earnings doubled this year compared to last ￰16￱ firm now has around 450 workers spread across seven offices ￰17￱ total funding of roughly $1.6 billion, Cohere now ranks as one of Canada’s biggest startup ￰18￱ Canadian AI firm, Coveo Solutions Inc., went public in 2021 right before tech stock prices dropped ￰19￱ Coveo has had trouble bouncing back, its stock price has jumped about 45% this year.

Nvidia’s AI deal was a result of last-minute negotiations The AI industry saw another major development this week when two industry giants announced a massive ￰20￱ quick talks, late-night phone calls and last-minute changes to contracts, the companies struck a $100 billion deal on Monday, just hours before one executive had to catch a flight to Abilene, a city of about 130,000 people located roughly 180 miles west of ￰21￱ timing worked out because both company leaders had been part of President Donald Trump’s official visit to the ￰22￱ week before, which allowed the president to learn about the agreement several days ahead of ￰23￱ executive called the deal “monumental in size” when speaking to CNBC, marking a major shift in the tech world as money and power become more focused in the hands of the two companies at the center of the AI ￰24￱ the other hand, some analysts are worried about an AI bubble, according to an earlier report by ￰25￱ seen where it ￰26￱ in Cryptopolitan Research and reach crypto’s sharpest investors and builders.