"OpenAI Rival" Cohere is now valued at approximately $3 billion. It is rumored that Tiger Global will sell a portion of its equity.
Tiger Global will sell approximately 2.1% of its stake in Cohere for around $63 million. After the sale, Tiger Global will retain approximately 5% of Cohere's shares.
According to Dolphin Research APP, Tiger Global Fund is about to reach an agreement to sell a portion of its stake in Cohere, a competitor of OpenAI, which is currently valued at approximately $3 billion.
According to insiders, Tiger Global will sell 2.1% of Cohere's shares for approximately $63 million. After the sale, Tiger Global will retain about 5% of Cohere's shares.
Cohere announced in June this year that it raised $270 million in Series C financing, with investors including NVIDIA, Oracle, and Salesforce's venture capital division. According to media reports, this round of financing valued Cohere at $2.2 billion.
An insider said that the sale of Tiger Global's stake will result in a per-share valuation of Cohere between $130 and $140, while in the most recent financing round, Cohere's per-share valuation was $95.
OpenAI and its chatbot ChatGPT have made significant progress in the field of generative artificial intelligence, causing a global sensation. In January of this year, Microsoft announced an investment of billions of dollars in OpenAI.