Canadian AI startup Cohere has achieved a $5.5 billion valuation after securing $500 million in a Series D funding round led by PSP Investments.

The funding included investments from tech giants like Cisco Systems and Nvidia.

Cohere provides customized AI solutions for businesses, focusing on tailoring AI models to specific business needs.

Their platform offers flexibility for deployment across various environments, appealing to enterprises with diverse IT infrastructures.

The company's emphasis on data privacy and security, along with its exclusive focus on enterprise solutions like the AI assistant Coral, has attracted customers like Oracle and TD Bank.

Cohere's recent partnership with Fujitsu to develop Japanese language models underscores its commitment to global expansion.

Cohere plans to double its workforce and strengthen ties with Google Cloud and Oracle to solidify its position in the competitive AI market.