Nvidia-Backed Cohere Valued at $7 Billion as New Capital Flows In

New investments in Canadian tech unicorn Cohere Inc. have brought its valuation to about $7 billion as businesses race to adopt artificial intelligence tools.

The Business Development Bank of Canada and Nexxus Capital Management committed $100 million as part of a second close to the company’s latest $500 million fundraising. The round was led by Radical Ventures and Inovia Capital, with participation from existing investors including Nvidia Corp. and Public Sector Pension Investment Board.