Startup Cohere Nears Deal to Raise Funds at $5 Billion Valuation

Artificial intelligence startup Cohere Inc. is in late-stage discussions to clinch a fresh round of funding that would raise the valuation of the company to $5 billion.

Cohere is talking with investors about raising $500 million or more, according to a person familiar with the matter who asked not to be identified because the information is private.

The deal is expected to include major investors from Cohere’s $270 million Series C funding round last year. That round, which was announced in June, valued the company at more than $2.1 billion, Bloomberg News reported at the time. It was led by Inovia Capital and included a ...