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6d ago

Cohere Closes $500M Funding at $6.8B Valuation and Appoints Joelle Pineau Chief AI Officer

New leadership will accelerate expansion of its security-first North agent platform for enterprise clients following the financing

Joelle Pineau, Vice President AI Research, speaks at the at the Meta AI Day in London, Tuesday, April 9, 2024. Meta's prominent executives on the topic of AI discussed the advancements Meta has made in powering innovation, leading cutting-edge research, and developing new tools for creativity and connection. (AP Photo/Kirsty Wigglesworth)
Aidan Gomez at Collision Conference in Toronto, Tuesday June 18, 2024.(Christopher Katsarov Luna/The Logic)
Joelle Pineau, vice president for AI research at Meta Platforms Inc., on a panel at the Viva Tech fair in Paris, France, on Wednesday, June 14, 2023. Viva Tech gathers startups, investors and executives from several countries and has become France's leading event in technology and innovation. Photographer: Nathan Laine/Bloomberg via Getty Images
Cohere logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

Overview

  • The oversubscribed $500 million round was co-led by Radical Ventures and Inovia Capital, with participation from AMD Ventures, Nvidia, PSP Investments and Salesforce Ventures
  • Joelle Pineau left Meta to become Cohere’s first chief AI officer, overseeing research, product strategy and talent recruitment as Sara Hooker departs
  • Francois Chadwick, formerly CFO of Shield AI and partner at KPMG, joins as chief financial officer to manage Cohere’s financial and operational growth
  • Cohere’s North agent platform is now broadly available, with customized deployments underway at clients including RBC, Bell and STC Group
  • The startup reports about $100 million in annual recurring revenue and is pushing private and hybrid AI deployments even as it faces stiff talent competition and a pending copyright lawsuit