CONNECT WITH US
Fintech

Fintech

Cohere Raises $5 Billion for Alternative AI Vision

PYMNTS – Fintech logo

Published on

Add as a preferred source on Google
Cohere Raises $5 Billion for Alternative AI Vision

Canadian artificial intelligence company Cohere said in a Thursday (Oct. 29) company blog post that it rejects what it called “frontier fatalism.”

Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

That’s its term for the belief that AI will be monopolized by a handful of United States and Chinese tech giants. To offer other countries a sovereign alternative, Cohere announced in the post the initial close of a Series E funding round targeting up to $7 billion Canadian dollars (about $5 billion).

“We will use the funds to build something increasingly essential in AI, a frontier company outside the U.S. and China,” the company said in the post. “Our ambition is to build frontier models that compete with the best in the world, a secure platform that lets institutions own the AI they run on, and cyber defenses democracies can rely on. We don’t have to accept a future of AI run by just a few, and we shouldn’t want one.”

Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

The Canadian government has agreed to invest up to $1.14 billion in Cohere, while the company plans to remain based in Canada and invest around $1.2 billion in new computing infrastructure in the country by 2030, Bloomberg reported Thursday.

“The most powerful AI systems are concentrated in a very small number of companies, in a very small number of countries,” Canadian Prime Minister Mark Carney said at a news conference Thursday, per Bloomberg.


Source link
Related Topics:Fintech

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.