Cohere Raises $40 Million in Series A Financing to Make Natural Language Processing Safe and Accessible to Any Business
Summary
TORONTO, Sept. 07, 2021 (GLOBE NEWSWIRE) -- , a provider of cutting-edge natural language processing (NLP) models, announced today that it has raised $40 million in series A financing led by Index Ventures with participation from Section 32, returning investor Radical Ventures and several global AI luminaries, including Turing Award winner Geoffrey Hinton, Fei-Fei Li, Pieter Abbeel, and Raquel Urtasun, among others. Cohere’s API, which is powered by models that have read hundreds of millions of web pages and learned to understand the meaning, sentiment and tone of the words we use, enables companies to deploy state-of-the-art NLP capabilities across their businesses without requiring supercomputing infrastructure or AI expertise. The NLP models at the core of Cohere’s offering are based on a breakthrough AI technology called Transformers, and lead the industry in their versatility, with the ability to comprehend, compare and compose sophisticated text as well as continuously improve their own training data. “At Cohere, we want to simplify the relationship between people and machines, eliminating the language barrier that prevents us from interacting with technology the way we interact with each other, paving the way for new opportunities for innovation and creativity.” “Cohere’s deep technical expertise makes them the perfect team to bring NLP to the global marketplace,” said Mike Volpi, co-founder of Index Ventures. With a global network and headquarters in London and San Francisco, Index has teamed up with founders in the U.S., Canada, Europe and Israel who are building the world’s next great companies.