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Cohere, an artificial intelligence startup backed by Nvidia (NVDA, Financials), has seen its annualized revenue exceed $70 million, more than tripling in the past year, according to The Information.
The Canada-based firm, valued at $5.5 billion as of last summer, also counts Salesforce (CRM, Financials), Cisco (CSCO, Financials), and AMD Ventures (AMD, Financials) among its investors.
The company is considering allowing employees to sell shares, a move that could provide liquidity for early stakeholders. It is also expanding internationally, with 25% of its revenue now coming from markets outside North America, including Japan.
Cohere focuses on developing AI and machine learning tools for enterprises and developers. The company recently launched North, an AI workspace designed to integrate large language models, search, and automation for secure enterprise applications. Cohere claims North offers higher productivity and efficiency than Microsoft Copilot (MSFT, Financials) and Google's Vertex AI Agent Builder (GOOG, Financials).
The startup competes with OpenAI, Anthropic, and Mistral, which have backing from major technology firms, including Microsoft, Amazon (AMZN, Financials), and Google. Like other AI companies, Cohere faces legal challenges related to copyright and trademark infringement.
This article first appeared on GuruFocus.