![]() FOCUS ON NLPįocusing on training natural language processing (NLP) models, Cohere competes with a group of foundation model providers such as OpenAI and Anthropic. Sources requested anonymity for discussing private funding matters.Ĭohere has raised $170 million to date from funds including Index Ventures, Tiger Global and AI luminaries Geoffrey Hinton, Fei-Fei Li and Pieter Abbeel. It was not immediately clear how much Cohere was seeking to raise in the current round. Gomez declined to comment on the funding status of the company. "We want to build a healthy and sustainable business." We don’t plan to hand them over to everyone to use for free without limit," said Gomez. "Our chat models are focused more on business applicable tasks like answering questions than writing poems. Unlike ChatGPT, Cohere's technology will mainly be accessible to developers and businesses, CEO Aidan Gomez told Reuters in an interview. Generative AI aims to make human-like creations through computer code that has processed vast amounts of data.Ĭohere is planning on introducing a new dialogue model that would resemble ChatGPT to let enterprise users generate text and engage with the model to refine the output. Toronto-based Cohere, established by former researchers at Alphabet (GOOGL.O) in 2019, has quickly risen through the AI startup ranks given their intensive research background and close ties to Google, investors said.įoundation models are AI systems that are trained on large sets of data, with the ability to learn from new data to perform a variety of tasks. Jumia’s adjusted profitability metrics aren’t much better, with the firm’s adjusted EBITDA running negative 126.8 million Euro in 2017 and 150.1 million Euro in 2018.Feb 6 (Reuters) - Cohere, an AI foundation model company that competes with Microsoft-backed OpenAI, is in talks to raise hundreds of millions of dollars in a funding round that could value the startup at more than $6 billion, sources told Reuters, in the latest sign of the investment frenzy around generative AI. That’s the right direction, but it’s hard to chart a path to profits when you are running greater than -100 percent margins. Jumia has done something different, lowering its losses from 176 percent of revenue in 2017 to 130 percent in 2018. Lyft has reduced its losses from a percent-of-revenue perspective over time, but it has failed to-date to lower its losses in dollar terms. During the same two periods, however, the firm’s “loss for the year” rose from 165.4 million Euro to 170.4 million Euro. Revenue grew from 94.0 million Euro in 2017 to 130.6 million Euro in 2018. It has also posted material revenue growth in recent years. Akin to many tech, and tech-enabled companies today, Jumia loses lots of money. While Jumia has built something large and interesting, it hasn’t yet figured out how to make money. ![]() It’s a vertically-integrated player then, providing a marketplace for goods to be sold, payment services to help those goods sell, and logistics and delivery options as well to help the goods arrive. ![]() It operates its own online payment tech (JumiaPay), and also provides logistical services (Jumia Logistics), and even its “own last-mile fleet.” Jumia’s market opportunity is therefore massive, and being the leading player, even in its own view, is notable.Īccording to its SEC filings, Jumia operates in 14 African countries today that account “for 72% of Africa’s GDP.” So while the firm isn’t operating in every country on the continent, it’s certainly working where there’s likely the highest demand for ecommcerce.Īs a company, Jumia does more than just ecommerce. Jumia calls itself the “leading pan-African e-commerce platform.” As a continent, Africa is about 24 percent larger than North America, with more than twice the people. At the upper end of its range, the firm would command a valuation of around $1.2 billion.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |