Aidan Gomez, a former intern at Google Brain, never anticipated the rapid advancement of technology as seen today. In a recent interview with CNBC, Gomez expressed his surprise at how far generative artificial intelligence has come since his time at Google in 2017. The models being developed today were something he expected to see much later in his career, possibly in 40 years.
After leaving Google in 2021, Gomez co-founded Cohere, an AI startup that focuses on creating generative AI models for businesses. Unlike consumer-facing products, Cohere’s models are aimed at increasing productivity within companies. The startup, backed by Nvidia, has gained traction in the industry and has recently raised funds at a $5 billion valuation.
Gomez highlighted the significant impact generative AI models can have on a company’s bottom line. By using Cohere’s technology, knowledge workers can experience a 40% increase in productivity. The models help streamline processes and provide valuable insights that can give companies a competitive edge in the market.
In June 2023, Cohere secured $270 million in funding at a $2.2 billion valuation, with investors like Salesforce and Oracle on board. The startup has quickly expanded its team to include 400 employees and is focusing on growing its sales department. Cohere’s executives have even been invited to AI forums at the White House, showcasing the impact of their work on the industry.
One of the key use cases for generative AI models highlighted by Gomez was in the insurance industry. By utilizing Cohere’s technology, an insurance company was able to speed up the process of submitting quotes to secure contracts with mining and pipeline firms. This efficiency allowed the company to outpace its competitors and win more contracts, showcasing the practical applications of generative AI in business settings.
The rise of generative AI models, as seen through the success of Cohere, demonstrates the significant impact these technologies can have on businesses. From increasing productivity to gaining a competitive advantage, the applications of generative AI are vast and continue to evolve rapidly. As companies like Cohere continue to innovate and push the boundaries of AI technology, we can expect to see even greater transformations in various industries in the years to come.
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