Oracle has invested in Cohere, a generative AI company, in a deal estimating the business value at around $2.2bn.
The $270m Series C financing also saw NVIDIA, DTCP and Salesforce Ventures, among others to have invested in the GenAI company.
According to the Information, Oracle aims to integrate Cohere’s LLMs into its HR software and other products and plans to make the start-up central as part of its mission to catch up to bigger cloud rivals that sell services powered by LLMs.
This announcement follows the recent news of Cohere’s collaboration with Salesforce Ventures expanding its generative AI fund, doubling its $250m fund to $500m to enhance its AI start-up ecosystem. Innovators in the fund include Human, Tribble with further investments in Anthropic and Cohere.
“We are already seeing AI change the way the world works, and we’re excited to build on the momentum of our Generative AI Fund,” said Paul Drews, managing partner, Salesforce Ventures. “Expanding our Generative AI Fund enables us to work with even more entrepreneurs who are accelerating the development of transformative AI solutions for the enterprise, and we are excited to support the next generation of innovative founders.”
“AI will be the heart that powers the next decade of business success,” said Aidan Gomez, CEO and co-founder, Cohere. “As the early excitement about generative AI shifts toward ways to accelerate businesses, companies are looking to Cohere to position them for success in a new era of technology. The next phase of AI products and services will revolutionize business, and we are ready to lead the way.”
