Cohere, an AI startup founded by former Google researchers and supported by Nvidia, recently cut around 20 positions despite securing a $500 million funding round that raised its valuation to $5.5 billion. The layoffs represent a small fraction of its 400-strong workforce, with the company still actively hiring in various other departments. Cohere's strategy focuses on providing generative AI solutions primarily for enterprise clients, distinguishing itself from competitors like OpenAI that also target consumer markets. Despite the workforce reduction, Cohere plans to continue expanding its offerings in secure and private multilingual AI solutions.
See "AI startup Cohere cuts staff after $500 million funding round", Hayden Field, CNBC, July 24, 2024