Generative AI startup Cohere, co-founded by ex-Google researchers, is reportedly gearing up for job cuts following raising $500 million in new cash from investors including Cisco, AMD, Fujitsu, Salesforce, Oracle, and Nvidia.
Fortune reported that the AI start-up Cohere has slashed its workforce by 5%. However, it is not clear who will be impacted due to the impending layoff at the company. The company currently deploys 400 employees.
According to its website, despite the layoff, Cohere is hiring in areas such as customer operations, partnerships, revenue, sales, product design, and modeling.
Investment in GenAI
The continuously evolving generative AI is witnessing an increase in investments. According to new research from EY Ireland, there was a remarkable surge in venture capital (VC) funds invested in the space. Microsoft and Amazon are the mega investors, out of a total $21.3 billion investment, $ 15.3 billion came from these two tech giants.
The first quarter of 2024 has already witnessed a $3 billion investment in GenAI globally. The total global investment in GenAI is expected to reach more than $12 billion in 2024.