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What’s in store:
Cohere secures a $500 million fund - who are they?
AI is leading the cancer detection revolution.
Around the web: Tesla reports a 45% drop in net income and lowest gross margins in six years.
Guidde lets you make documentation 11x faster!
Read Time: 6 minutes
AI STARTUP
Cohere, a generative AI startup founded by ex-Google researchers, has raised $500 million from investors like Cisco, AMD and Fujitsu.
This funding round also saw participation from Canadian pension manager PSPS Investments and Canada’s export credit agency EDC, valuing the Toronto-based company at $5.5 billion.
This is more than double its valuation from June 2023.
According to Josh Gartner, head of communications at Cohere, the financing will support accelerated growth and expansion of their technical teams.
What do they do?
Cohere aims to advance enterprise AI with a focus on data privacy and real-world applications across various industries and languages. The company is a B2B operation and does not offer anything for general consumers.
In short, here’s what you should know:
Cohere raised $500 million, doubling its valuation.
It customises AI for enterprise applications and is not consumer-focused.
They plan to double their employee count this year.
The plan for rapid growth
Founded in 2019 by Aiden Gomez, Nick Frosst and Ivan Zhang, Cohere customises AI models for businesses like Oracle, LivePerson, and Notion, and offers a cloud-agnostic platform.
Cohere’s nonprofit research lab, Cohere for AI, releases open models such as multilingual text analysis tools.
Their late model, Command R+, is designed to deliver high capabilities at a lower cost.
Cohere is growing rapidly, generating $35 million in annual revenue with hundreds of customers, up from $13 million at the end of 2023.
The new funding will help Cohere train more sophisticated AI systems and expand its 250-employee headcount.
Their B2B strategy has proven successful, with a significant revenue increase and a growing customer base.
The company also collaborates closely with Google Cloud and Oracle, ensuring robust infrastructure for its AI models.
Who needs a lottery when you can co-found an AI startup?
Does Cohere's funding show the AI gold rush has gone too far? |
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On This Day
July 24th 1987 - Hulda Crooks, at 91 years of age, climbs Mt. Fuji. She is the oldest woman to climb Japan’s highest peak.
Tool of the Week
Perlon AI is the first company to build custom LLMs to send hyper-personalised prospecting emails at scale. Their emails generate 5x the replies of templates.
MEDICAL AI
Three hospitals in England are now testing AI technology to detect and grade prostate cancer.
This trial, named ARTICULATE PRO, is led by the University of Oxford and Paige, a leader in AI for cancer diagnosis.
The participating hospitals are:
North Bristol Trust Southmead Hospital.
University Hospitals Coventry and Warwickshire.
Oxford University NHS Foundation Trust.
These hospitals are integrating Page’s AI technology into their care routines.
The trial aims to see how AI can improve patient outcomes as prostate cancer cases increase.
The Prostate Suite, the AI system being trialled, helps pathologists detect, grade, and measure tumours in prostate biopsies and tissue samples.
Pathologists at the three hospitals are evaluating how this AI technology affects their clinical decision-making, pathology services and resource use.
The benefits of AI when searching for cancer:
AI helps in detecting small cancer areas that are easy to miss.
Improves accuracy and consistency in grading cancer.
Increases efficiency and reproducibility of results.
A match made in labs
This study is notable for its use across hospitals with different digital pathology scanners and systems, giving a diverse variety of patients.
This diversity allows for a thorough assessment of Page’s AI technology in real-world settings.
Dr Bidisa Sinha from University Hospitals Coventry and Warwickshire believes AI can improve cancer grading accuracy and consistency.
This research places participating hospitals at the forefront of digital and computational pathology.
The ARTICULATE PRO study is funded by the Accelerated Access Collaborative (AAC) Artificial Intelligence in Health and Care Award, overseen by the Department of Health and Social Care.
As prostate cancer rates rise, AI integration in diagnosis could lead to earlier detection, more accurate grading, and improved patient outcomes.
The results of this trial could pave the way for wider adoption of AI in cancer diagnosis across the UK and beyond.
It's more desirable than the traditional prostate exam, I suppose.
Mindstream Picks
Orbital Insight, now part of Privateer, secured a $2 million contract from the U.S. National Geospatial-Intelligence Agency to track illicit maritime activity in the Indo-Pacific region.
Bitcoin led the crypto market lower on Tuesday, dropping 3% to $65,891.50, as Mt Gox transferred more bitcoin to creditors and investors took profits after last week’s gains, while ether fell less than 1% to $3,476.
Investors focused on blue-chip earnings Tuesday, with Tesla and Alphabet shares falling, Spotify rising, GM and UPS shares dropping, and home sales falling due to high prices and mortgage rates.
Indie game publisher Humble Games laid off its entire 36-person staff, citing restructuring, but will continue operations and publishing upcoming games.
Don’t Miss - Tesla’s Q2 earnings report shows $1.48 billion in net income on $25.5 billion revenue, a 2% revenue increase but a 45% drop in net income year-over-year. Gross margins fell to their lowest in six years at 18%, despite bullish investor hopes. Tesla noted global EV growth and addressed recent operational and strategic changes.
AI Art
Our Image of the Day
Artwork submitted by Mindstream reader Jalex: “1950s family portrait”
Daily Image Prompt
A futuristic looking Dungeons and Dragons board
Yesterday’s Poll
“Do you think Nvidia’s new chip strategy will outsmart U.S. export controls?”
Absolutely, they’re playing it smart! - 57% ✅
Not really, it's just a temporary fix. - 43%
Your Views:
“It's a cat and mouse game. When the government sees that companies are bypassing restrictions, it imposes new rules. And companies will try to bypass them too.” - jankov.postar
“The attorneys working on the legal fine print in these laws leave loopholes to please the industry lobbyists and PACs.” - jim
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