The Toronto-based company plans to double its R&D team and expand into on-premise deployments.
Cohere announced a $500M raise led by Inovia and PSP Investments, doubling its R&D team and accelerating an on-premise deployment line aimed at regulated industries.
CEO Aidan Gomez framed the bet plainly: 'most enterprise data will never leave the building, so the model has to come to it.'
Cohere raised $500M. Inovia and PSP Investments led the round, with the proceeds earmarked for R&D headcount doubling and an on-premise deployment line for regulated industries.
CEO Aidan Gomez argued that 'most enterprise data will never leave the building.' Regulated industries — finance, healthcare, defence — have strong data-residency requirements that closed APIs do not satisfy.
The on-premise line is explicitly framed for regulated industries. Cohere has not committed to specific verticals publicly, but its existing customer mix skews toward financial services and life sciences.