AI startup Cohere seeks $5 billion valuation in latest fundraising

Cohere, an artificial intelligence startup that develops foundation models to compete with ChatGPT creator OpenAI, is in advanced talks to raise $500 million at a valuation of about $5 billion, according to a person familiar with the matter.

The Toronto-based company has seen its annualized revenue run rate grow to $22 million this month from $13 million in December as it launched new model Command-R, said the source, who requested anonymity to discuss confidential matters.