The value of global AI deals totalled $331bn throughout 2023 Credit: Getty Images / amgun

OpenAI rival Cohere is looking to raise $500m at a valuation of around $5bn, according to Reuters, citing people familiar with the matter. 

Canada-based Cohere was founded by former Google researchers and has specialised in building enterprise-focused AI models. 

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The startup’s revenue run rate increased to $22m this month from $13m in December, according to Reuters. 

Cohere is currently in a partnership with cloud giant Oracle and is looking to expand its models to other leading cloud providers.

The Canadian startup was valued at $2.2bn in June after it raised $270m from NVIDIA, Oracle and other investors. 

Cohere’s previous fundraising success highlights how investors are looking to increase spending in GenAI, following the success of OpenAI’s ChatGPT.

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The value of global AI deals totalled $331bn throughout 2023, an increase from $211bn in 2022, according to GlobalData’s deal database.

In 2023, the value of global AI deals peaked in the second quarter (Q2), with the sector raising $119bn. This was a slight increase over the beginning of the year, which saw deals valued at $104bn. However, in Q3 the value of AI deals fell significantly lower, totalling $68bn.

GlobalData predicts the total AI market will be worth $908.7bn by 2030.