While top AI labs like Google, Anthropic, and OpenAI pursue enterprise adoption, the Canadian AI startup Cohere has been quietly building significant momentum. The company informed investors in a memo that it exceeded its 2025 annual recurring revenue target of $200 million, reaching $240 million. It also achieved consistent quarter-over-quarter growth of more than 50 percent throughout the year.
Founded in 2019, Cohere has secured backing from major enterprise technology investors including Nvidia, AMD, and Salesforce. The startup’s core technology is its Command family of generative AI models. Cohere emphasizes that these models are efficient enough to be deployed on limited GPUs, a compelling proposition for enterprises focused on managing costs and resources.
Last summer, Cohere introduced a higher-level enterprise platform called North. This AI workspace is designed for building secure, custom AI agents and workflows based on Cohere’s models. Cohere’s CEO, Aidan Gomez, stated last October that the startup may pursue an initial public offering “soon.” If that move occurs in 2026, Cohere could find itself contending with other major AI players like OpenAI, Anthropic, and SpaceX’s xAI, all of which are reportedly considering their own public debuts.