NVIDIA-backed Cohere lays off 5% of staff after $500 mn fundraise

AI startup Cohere is laying off around 20 employees, equivalent to roughly 5% of its workforce. This comes after the startup raised $500 million in funding at a valuation of $5.5 billion, more than double its valuation from June 2023. AMD, Salesforce, Oracle, NVIDIA and Canadian pension investment manager PSP Investments were among the investors that participated in the funding.