The Cohere AI logo on a laptop arranged in New York, US, on Wednesday, Aug. 16, 2023. Founded in 2019, Cohere builds large language models - software trained on massive swaths of the internet to analyze and generate text - and customizes them for users. Photographer: Gabby Jones/Bloomberg Photo by Gabby Jones / Bloomberg

New investments in Canadian tech unicorn Cohere Inc. have brought its valuation to about US$7 billion as businesses race to adopt artificial intelligence tools.

The Business Development Bank of Canada and Nexxus Capital Management committed US$100 million as part of a second close to the company’s latest US$500 million fundraising. The round was led by Radical Ventures and Inovia Capital, with participation from existing investors including Nvidia Corp. and Public Se

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