AI startup Cohere raises $270 million in Nvidia-backed funding round

Cohere, an AI foundation model company that competes with Microsoft-backed OpenAI, said on Thursday it had raised $270 million in a funding round backed by Nvidia, Oracle and Salesforce Ventures, among others.

Foundation models are AI systems that are trained on large sets of data, with the ability to learn from new data to perform a variety of tasks. Generative AI aims to make human-like creations through computer code that has processed vast amounts of data.

Cohere did not reveal its valuation after the latest funding round.