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Cohere raises $270M at a $2.2B valuation to build LLMs for enterprise

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At Chief AI Office, our goal is to provide you with the most up-to-date information on fundraising events in A.I. as well as the greatest A.I. tools to help you boost your productivity. With our weekly market updates, you'll stay ahead of the curve.

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A quick highlight

Cohere, a cloud-agnostic AI model ecosystem for the enterprise, raised $270 million as part of its Series C round. The round was led by Inovia Capital, with participation from a diverse group of global institutional and strategic investors. Notable participants include NVIDIA, Oracle, Salesforce Ventures, DTCP, Mirae Asset, Schroders Capital, SentinelOne, Thomvest Ventures, and returning investor Index Ventures.

Cohere plans to use the funding to accelerate its product development and expand its team. The company's AI models can be used to generate text, translate languages, write different kinds of creative content, and answer your questions in an informative way.

Instabase raises a $45M Series C to help enterprises build apps around their unstructured data

Instabase, a startup that provides an app platform for understanding and analyzing “unstructured” data, announced on Tuesday that it has raised $45 million at a $2B valuation in a Series C round of funding. The round was led by Tribe Capital, with participation from Andreessen Horowitz (a16z), New Enterprise Associates, and Spark Capital.

Instabase’s platform allows companies to build custom apps to automate document processing tasks, such as invoice processing, receipt verification, and income and identity verification. The platform uses machine learning to extract data from documents and identify patterns, which can then be used to automate tasks. Watch the video below to understand!

Granica has launched an industry-first platform that can cut cloud data costs for AI models by up to 80%. The platform, called Granica AI Efficiency Platform, uses novel compression and deduplication algorithms to reduce the size of training data. Granica also preserves the privacy of sensitive information in object data, enabling its safe use in AI and analytics while improving data security.

AI is only as effective as the dataset it is trained on. To power AI models capable of rapidly generating new business insights and efficiencies, enterprises are obligated to store massive volumes of data in cloud object stores. However, for most companies it is too costly to do so at the desired scale, leading to significant volumes of important data being archived or deleted, constraining model performance and thus AI outcomes.

EliseAI, a conversational AI platform for real estate, has raised $35 million in Series C funding. The round was led by Point72 Private Investments, with participation from Koch Real Estate Investments and existing investors Golden Seeds, Navitas Capital, JLL Spark, and DivcoWest.

EliseAI's platform uses AI to automate tasks such as lead generation, property management, and customer service. The company says that its platform can save real estate businesses up to 50% in labor costs.

The funding will be used to accelerate EliseAI's product development and expand its sales and marketing efforts. The company says that it plans to use its platform to help real estate businesses of all sizes improve their efficiency and customer service.

Contextual AI, a new company that is building enterprise-focused language models, has launched from stealth. Contextual AI plans to spend the bulk of its seed funding on product development, which will include investing in a compute cluster to train LLMs. The company also plans to grow its workforce to close to 20 people by the end of 2023.

Contextual AI's goal is to make it easy for enterprises to use generative AI safely and accurately. The company's platform will provide enterprises with a way to train and deploy LLMs that are tailored to their specific needs. Contextual AI also plans to offer a suite of tools that will help enterprises manage and monitor their LLMs.

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