Startup News: Groq, Anthropic, and Cohere make big moves in generative AI space

Three privately-held AI firms have taken steps in the past week aiming to bolster their positions in the fast-moving industry.

Groq announced in early March that it is acquiring AI company Definitive Intelligence and tapping the acquired company’s Co-Founder and CEO, Sunny Madra, to lead a new business unit, GroqCloud. Terms of the deal between the two Calif.-based companies were not disclosed

Meanwhile, Anthropic introduced a suite of improved generative AI products. And Cohere announced a partnership with global consulting firm Accenture that will give thousands of Accenture’s corporate clients access to Cohere’s generative AI technology.

Groq’s press release added that the infusion of engineering talent from Definitive Intelligence has enabled Groq to also create a Groq Systems business unit, which will focus on innovation and serve the public sector and customers that require Groq hardware for AI computing centers.

Groq’s listed valuation on Forge is $1.08 billion based on an April 2021 funding round. Last month, the online trade news site CryptoSlate reported that Groq’s dedicated language processing unit has set a new record in processing efficiency for large language models.

Anthropic is also pushing to improve its generative AI capabilities. Last week, the San Francisco-based company, among the most highly valued of the generative AI startups, announced the debut of a suite of generative AI products under the banner of Claude 3. The suite of models are Claude 3 Haiku, Claude 3 Sonnet, and Claude 3 Opus, with the latter being the most sophisticated. Faced with these choices, users can select the proper balance of intelligence, speed, and price for a particular application.

Anthropic praised its most intelligent model, Opus, and says it outperforms its peers on most of the common evaluation benchmarks for AI systems. Founded in 2021, Anthropic has gained a reputation for seeking to build chatbot models that are guided by ethical considerations. As of January 2024, the company had a listed valuation on Forge of $18.24 billion. This week, the company’s Forge Price™ was $28.62 a share.

Finally, Cohere is seeking to gain access to thousands of new corporate clients around the world by inking a partnership with a firm that serves those businesses as a consultant: Accenture.

A statement on Cohere’s website announcing the partnership said that the two companies will provide Accenture’s clients with generative AI solutions powered by Cohere’s flagship proprietary generative large language model, Command, and its enterprise search technologies, Embed and Rerank. “Cohere will be working closely with Accenture to offer its clients AI-tailored solutions to meet their specific business needs,” the statement added.

Founded in 2019, Cohere, with headquarters in both San Francisco and Toronto, has a listed valuation on Forge of $2.2 billion as of June 2023.

About the Author

John Kimelman is a veteran journalist who has worked at Barron’s and CNBC covering such topics as investing and commercial banking. Mr. Kimelman has received compensation from Forge Global, Inc. for authoring this article. Read more from John.

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