Cohere, the artificial intelligence startup founded by ex-Google AI researchers and backed by Nvidia, cut about 20 roles on Tuesday, CNBC confirmed.
Cohere, the artificial intelligence startup founded by ex-Google AI researchers and backed by Nvidia, cut about 20 roles on Tuesday, CNBC confirmed.
The cuts followed the completion of a $500 million funding round from investors including AMD, Salesforce, Oracle and Nvidia that valued the company at $5.5 billion — more than doubling its valuation from last year. The roughly 20 slashed roles are part of an employee base of about 400, according to the company, and even after the cuts, Cohere is still hiring for roles in areas such as customer operations, partnerships, revenue, sales, product design and modeling, according to its website.
Some of Cohere's competitors in the AI arms race offer products for both consumers and businesses. OpenAI, for instance, launched ChatGPT Enterprise last August, and Anthropic opened up consumer access to its formerly business-only Claude chatbot last July.that by staying focused just on the enterprise, the company is able to run efficiently and keep costs under control even amid a chip shortage, rising costs for graphics processing units and ever-changing licensing fees for AI models.
Current clients include Notion, Oracle and Bamboo HR, according to Cohere's website. Many customers include businesses in banking, financial services and insurance, Kon told CNBC in the past. In November, Cohere told CNBC it saw anIn March, Kon acknowledged that changing dynamics in the hardware industry have presented persistent challenges.
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