Cohere Raises Funding Round Valuing Startup at $20.5 Billion

Cohere Inc. is raising a funding round that could total up to $5 billion, following the completion of its first close on Thursday. The financing values the Canadian artificial intelligence model maker at $20.5 billion, which is approximately triple the company's valuation from one year ago.

Backers for the current round include Nvidia Corp. and the Government of Canada. These investments follow a previously disclosed $600 million investment from the European retailer Schwarz Group.