The Globe and Mail reports in its Friday edition that two unnamed sources say Cohere, an artificial intelligence start-up that develops foundation models to compete with Microsoft-backed OpenAI's ChatGPT, is in advanced talks to raise $500-million at a valuation of about $5-billion (all figures U.S.). A Reuters dispatch to The Globe reports that one source says the Toronto-based company has seen its annualized revenue run rate grow to $22-million this month from $13-million in December as it launched new model Command-R. A second source says Cohere projects its annualized revenues could soar to above $300-million by the end of this year. Reuters in January reported Cohere was looking to raise about $500-million to $1-billion. The start-up founded by former Google researchers has pitched its growth potential to investors by building enterprise-focused AI models. Cohere, which currently has a partnership with Oracle, also plans to make its models available on other major cloud providers. Cohere develops large language models, the AI technology that underlies chatbots such as ChatGPT, and competes with companies such as OpenAI and Anthropic. Cohere has differentiated itself with a focus on enterprise customers.