Cohere is a large language model (“LLM”) company empowering developers and enterprises to build innovative products and capture business value with Generative Artificial Intelligence (“Generative AI”). By streamlining workflows, automating routing tasks and potentially giving rise to a new generation of business applications, this technology has the potential to revolutionize industries & fundamentally transform the way companies operate. The economic opportunity created by this disruption is potentially massive–with Bloomberg estimating the Generative AI software market to grow at a 69% CAGR to reach $280 billion by 2032. 

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Cohere is well-positioned to build share and help drive widespread transformation with Generative AI due to its world-class team and large capital base supported by a deep bench of blue-chip investors. The company is led by CEO Aidan Gomez – who helped pioneer the groundbreaking Transformer model underpinning all LLMs today – and supported by top venture funds (e.g. Inovia Capital, Tiger Global, Index Ventures) and key strategic investors (e.g. Salesforce, Oracle, Nvidia, SAP).

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Most recently, in June 2023, Cohere raised $270 million in an Inovia-led Series C round, placing its post-money valuation at ~$2.1 billion. We invested via secondary in October at a premium to last round, reflecting the rapid growth of the AI industry, while still preserving high return potential due to Cohere’s strong positioning within a market with near-limitless potential. 

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Subsequent to our investment, Cohere has made significant advancements in both product development and commercialization. Its new Chat API enables enterprises to seamlessly leverage real-time public data and proprietary enterprise data to build custom apps, leading to more up-to-date and verifiable responses vs. competitors. Additionally, Cohere launched its partnership with strategic investor Oracle, in which the cloud giant will distribute Cohere’s LLMs to its 400+ thousand business customers through its new Generative AI service–potentially unlocking significant demand from Oracle’s massive customer base.