AI company Cohere cuts jobs a day after raising US$500-million in financing

The company employed around 250 people at the start of the year and has a goal of doubling its headcount by the end of 2024. The layoffs affected multiple Cohere offices, which has locations in San Francisco, New York and London.

Middle management positions were affected by the layoffs, according to a person familiar with the matter. The Globe and Mail is not identifying the source because they are not authorized to speak publicly. Cohere’s valuation has more than doubled since its last round of financing in June, 2023, as investor interest in generative AI shows little sign of slowing down.

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AI startup Cohere raises US$500-million, valuing company at US$5.5 billionThe company’s latest financing round was led by the Public Sector Pension Investment Board and counts Cisco Systems Inc., AMD Ventures, Fujitsu and Export Development Canada as new investors
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