Toronto-based AI company Cohere has hired former Meta executive Joelle Pineau and announced another round of fundraising.

Cohere Inc. has raised US$500-million and hired a key executive from Meta Platforms Inc. META-Q as it seeks to compete against its much larger rivals and secure customers in the frenzied market for artificial intelligence.

The funding announced by Cohere on Thursday values the Toronto-based AI company at US$6.8-billion.

Cohere has also hired McGill University computer science professor and former Meta executive Joelle Pineau as its chief AI officer. The appointment of Dr. Pineau, who left Meta in May, represents a coup in a fierce war for AI research talent.

Many of the investors in the latest financing have previously put money into Cohere, including Canadian fun

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