Gen AI model startup Cohere Inc. has raised $500 million in a late-stage funding round, bringing the company’s valuation to $5.5 billion. Cohere builds enterprise-focused AI large language models and stands as a rival to OpenAI and Google. The company’s approach has been to build practical foundation models that can be implemented by enterprise customers to support employees and automate business systems. Unlike other high-profile companies in the industry, which are pursuing “human-like” intelligence in the form of AI, Cohere aims to build AI for enterprise efficiency. Cohere’s most recent AI model, Command R+, continues this vision by aiming to support real-world enterprise business workflows and use cases. The company’s Command R family of models is designed to do generative AI business tasks, such as summarizing and analyzing text, but also have the capability of applying reasoning to automate software tools. This means that Command R+ can be commanded to complete multi-step tasks and it will combine and use available software to complete those tasks. With the power of generative AI foundation models, customers can interface with software and data in ways that were never possible before. LLMs make it possible to “talk” to data, by holding human-like conversations, at the same time the model can understand intent and context from both data and users. This makes it much easier for a non-technical user to approach difficult tasks that might otherwise require expert knowledge to understand. Read Article

July 23, 2024 //  by Finnovate