Artificial intelligence startup Cohere Inc. is in advanced talks to raise between US$2 billion and US$3 billion, including financing from the Canadian government and existing backers, according to a report from the Globe & Mail.
The new fundraising round would value the company at US$20 billion, the report says. The deal could close as soon as next week, but the timing could be pushed back, according to the Globe & Mail.
The Canadian startup , which counts Nvidia Corp. as an investor, makes AI models and customizes them for businesses.
Its software has attracted customers such as Notion Labs Inc. and Oracle Inc. , which use the startup’s technology to do things like help write website copy, communicate with users and add generative AI to their own products.