Nvidia-Backed Cohere Valued at $7 Billion as Capital Flows In

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

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

“We will use this funding to further accelerate the development and global adoption of our security-first enterprise AI technology across the public and ...