Artificial intelligence startup Cohere is looking to launch an initial public offering “soon,” according to Cohere CEO Aidan Gomez.
During an interview at Bloomberg Tech in London on Tuesday (Oct. 21), Gomez said that he thinks investors “would be excited to have a pure play AI investment opportunity as opposed to investing by proxy through hyperscalers.”
A Cohere IPO would be one of the first listings from an AI model maker, Bloomberg reported Tuesday.
Gomez also said at the event, per the report, that he expects Cohere to turn a profit before 2029.
Cohere focuses on customizable AI software for businesses, with an emphasis on technology that protects sensitive data, according to the report.
The company said on Sept. 24 that it achieved a valuation of $7 billion after raising $100 million in new funding.
Cohere said it would use the funding to “further accelerate the development and global adoption of our security-first enterprise AI technology across the public and private sectors.”
“This comes as we are rapidly scaling our operations across North America, APAC and EMEA to meet the increasing demand for secure and sovereign AI solutions,” the company said in the announcement. “As organizations prioritize data control and compliance, our solutions are uniquely positioned to address this critical gap in the market.”
Weeks earlier, on Aug. 14, Cohere said it was valued at $6.8 billion in a round in which it raised $500 million in new funding.
In a press release announcing that round, Cohere also said that Francois Chadwick, who served as Uber’s acting chief financial officer during the company’s IPO, would be joining Cohere as CFO.
“Francois is a proven finance and technology executive who will be based in our San Francisco office,” the release said. “He has held key corporate leadership roles, including serving as Uber’s acting CFO, helping scale finance operations globally and playing a leadership role during the company’s IPO. Francois most recently rejoined KPMG, advising high-growth tech companies, after serving as CFO at Shield AI.”
It was reported in July 2024 that Cohere Co-founder Nick Frosst said the company is not “chasing AGI.”
“We’re trying to make models that can efficiently run in an enterprise to solve real problems,” Frosst said.
Source: https://www.pymnts.com/