AI Firm Cohere in Talks for Up to $3 Billion Raise, Report Says

Artificial intelligence startup Cohere Inc. is in advanced talks to raise between $2 billion and $3 billion, including financing from the Canadian government and existing backers, according to a report from the Globe & Mail.

The new fundraising round would value the company at $20 billion, the report says. The deal could close as soon as next week, but the timing could be pushed back, according to the Globe & Mail.

The Canadian startup, which counts Nvidia Corp. as an investor, makes AI models and customizes them for businesses.

Its software has attracted customers such as Notion Labs Inc. and Oracle Inc., which use the startup’s technology to do things like help write website copy, communicate with users and add generative AI to their own products.