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

Unicorns & Startup News
By John Kimelman

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 PriceTM 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.

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The information and material presented in this article is provided for your informational purposes only and does not constitute an offer by Forge Europe GmbH or Forge Europe UK Limited or any of its affiliates to sell, or a solicitation of an offer to buy any securities and may not be used or relied upon in connection with any offer or sale of securities.

If you are a resident or a company registered within Germany this content is for marketing purposes only and on behalf of Forge Europe GmbH of Unter den Linden 38, 10117 Berlin, Germany (registered in the District Court Berlin (Charlottenburg) HRB 240763). Forge Europe GmbH is a tied agent in accordance with §3 (2) WpIG and provides investment brokerage, pursuant to §2 (2) Nr. 3 WpIG, exclusively in the name, on the account and under the liability of Effecta GmbH, Florstadt. If you are resident or a company registered within the United Kingdom or Gibraltar this content is for general marketing purposes only and not a financial promotion on behalf of Forge Europe UK Limited of 10 York Road, London, SE1 7ND, England (registered in England and Wales with company number 14877431). Forge Europe UK Limited is an appointed representative of Kroll Securities Limited which is authorised and regulated by the Financial Conduct Authority (FCA) under Firm Reference Number 466588.

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This material may be distributed to, or directed at, only the following persons: (i) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FP Order”), (ii) high-net-worth entities falling within Article 49(2) of the FP Order, and (iii) any other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as “FPO Relevant Persons”). Persons who are not FPO Relevant Persons must not act on or rely on this material or any of its contents. Any investment or investment activity to which this material relates is available only to FPO Relevant Persons and will be engaged in only with FPO Relevant Persons. Recipients must not distribute, publish, reproduce, or disclose this material, in whole or in part, to any other person. This content is for the sole use of the intended recipient(s). Any unauthorized review, use, disclosure or distribution is prohibited.

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Please Read These Important Legal Notices & Disclosures

The information and material presented in this article is provided for your informational purposes only and does not constitute an offer by Forge Europe GmbH or Forge Europe UK Limited or any of its affiliates to sell, or a solicitation of an offer to buy any securities and may not be used or relied upon in connection with any offer or sale of securities.

If you are a resident or a company registered within Germany this content is for marketing purposes only and on behalf of Forge Europe GmbH of Unter den Linden 38, 10117 Berlin, Germany (registered in the District Court Berlin (Charlottenburg) HRB 240763). Forge Europe GmbH is a tied agent in accordance with §3 (2) WpIG and provides investment brokerage, pursuant to §2 (2) Nr. 3 WpIG, exclusively in the name, on the account and under the liability of Effecta GmbH, Florstadt. If you are resident or a company registered within the United Kingdom or Gibraltar this content is for general marketing purposes only and not a financial promotion on behalf of Forge Europe UK Limited of 10 York Road, London, SE1 7ND, England (registered in England and Wales with company number 14877431). Forge Europe UK Limited is an appointed representative of Kroll Securities Limited which is authorised and regulated by the Financial Conduct Authority (FCA) under Firm Reference Number 466588.

Forge Europe GmbH and, its wholly owned subsidiary, Forge Europe UK Limited (together “Forge Europe”) accept liability to a client as set out in the individual agreement entered into with the client. All other liability to any client is expressly excluded to the fullest extent permitted by applicable laws and regulations. Each Forge Europe company expressly excludes all liability to the fullest extent permitted by applicable laws and regulations to any person who is not a client. You will only be a client if you have entered into a written client agreement with the relevant Forge Europe company. To the extent information about or defining specific terms is provided herein, Forge Europe makes no representations as to its accuracy and has no duty to update such information. Such information is based on experience Forge Europe and its affiliates and the meanings and connotations of terms as Forge Europe typically uses and interprets them. Others may construe such terms differently, and you should do your own research and consult with financial, legal and tax professionals regarding any such concepts included herein.

This article does not constitute an offer to provide investment advice or service. Forge Europe does not (1) advise any member on the merits or prudence of a particular investment or transaction, or (2) assist in the determination of fair value of any security or investment, or (3) provide legal, tax, or transactional advisory services.

Investing in private company securities is not suitable for all investors. An investment in private company securities is highly speculative, involving a high degree of risk, and investors should be prepared to withstand a total loss of your investment. Private company securities are also highly illiquid and there is no guarantee that a market will develop for such securities. Each investment also carries its own specific risks and investors should conduct their own, independent due diligence regarding the investment, including obtaining additional information about the company, opinions, financial projections and legal or investment advice. Accordingly, investing in private company securities is appropriate only for those investors who can tolerate a high degree of risk and do not require a liquid investment. Past performance Is not indicative of future results.

This material may be distributed to, or directed at, only the following persons: (i) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FP Order”), (ii) high-net-worth entities falling within Article 49(2) of the FP Order, and (iii) any other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as “FPO Relevant Persons”). Persons who are not FPO Relevant Persons must not act on or rely on this material or any of its contents. Any investment or investment activity to which this material relates is available only to FPO Relevant Persons and will be engaged in only with FPO Relevant Persons. Recipients must not distribute, publish, reproduce, or disclose this material, in whole or in part, to any other person. This content is for the sole use of the intended recipient(s). Any unauthorized review, use, disclosure or distribution is prohibited.