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.

Cohere was valued at $6.8 billion after its latest $500 million funding round, as the artificial intelligence startup moves to expand its market share in a highly competitive industry. The funding round was led by Radical Ventures and Inovia Capital,

Toronto-based AI scaleup Cohere has raised $500 million USD in fresh funding and added two former Meta and Uber executives to its C-suite.