Canuck Startups Cohere and Clio Secure Major Funding Rounds

Funding | Jul 23, 2024

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Canadian ventures Cohere and Clio secure series D and series F respectively, reaching new valuations

Canadian startups, Cohere and Clio, are making headlines this week by announcing major fundraising rounds, showcasing the potential and strength of Canada's innovation economy and technology sector.

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Cohere $500 million Series D

Cohere, a Toronto-based AI startup, raised $500 million in a Series D round, bringing its total valuation to $5.5 billion.  PSP Investments led the fundraising round, including participation from Cisco, Fujitsu, AMD Ventures, and Export Development Canada (EDC). Cohere specializes in large language models for enterprise applications, with key clients including Notion Labs and Oracle. Aidan Gomez, Nick Frosst, and Ivan Zhang founded Cohere in 2019 with the goal of developing practical AI solutions rather than researching artificial general intelligence.

Clio $900 million Series F

Clio, a Vancouver-based legal technology business, secured $900 million in a Series F round, bringing its valuation to $3 billion. New Enterprise Associates led the round, which included major investments from Goldman Sachs Asset Management, Sixth Street Growth, CapitalG, and Tidemark. Clio provides software that automates legal operations such as client intake and document management, and it has embraced generative AI with its Clio Duo AI solution, which helps with typical legal work. Clio, founded in 2008, now generates more than $200 million in yearly recurring revenue and employs over 1,100 people.

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Outlook

The substantial funding rounds for Cohere and Clio reflect the growing confidence in Canadian tech startups and their ability to drive technological advancements and market leadership.  Cohere’s AI-driven solutions and Clio’s legal tech innovations highlight the diverse applications of technology in solving real-world problems.

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