Artificial intelligence startup Cohere Inc. has raised $500 million in a new round of funding, part of a bid to compete with larger tech firms in selling AI services to businesses and governments.

Canadian AI start-up, Cohere, is attempting to position itself as an enterprise alternative to U.S. AI industry leaders after the firm onboarded former executives from Uber and Meta as a part of its attempt to solidify its position in the AI industry.

Cohere, a rapidly growing artificial intelligence company based in Canada, has wrapped up a fesh $500M funding round, which propelled its valuation to $6.8B, as appears it is edging closer to going public.