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Canadian artificial intelligence startup Cohere has triumphantly announced the conclusion of a $500 million funding round, catapulting the company's valuation to $6.8 billion. This round was jointly spearheaded by Radical Ventures and Inovia Capital, with notable contributions from AMD Ventures and NVIDIA. Unlike OpenAI, which primarily focuses on foundational models, Cohere distinguishes itself by specializing in the development of enterprise-grade AI models. The influx of funds will be strategically utilized for global expansion endeavors and the advancement of multimodal AI models. Furthermore, Cohere has made two pivotal appointments: Joelle Pineau, former Vice President of Meta AI Research, as Chief AI Officer, and Francois Chadwick, a former Uber executive, as Chief Financial Officer.
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