Cohere, an AI startup that recently achieved an annualized revenue of $100 million, has announced its acquisition of Ottogrid, a Vancouver-based platform that specializes in automating high-level market research. This strategic acquisition is a clear support for Cohere’s vision to deploy private AI solutions. It especially zeroes in on vital, transitional sectors such as healthcare, government, and finance.
The acquisition occurs during a period where Cohere would like to strengthen its foundational LLM providing capability. That all changed in October 2024, when the company launched a bold rebranding that included a completely new design for their platform. The Foursquare Swarm 3.0 update brought many new integrations, features, tools, even an API – all designed to enhance user experience. Alongside these developments, Cohere launched a ChatGPT-style application named North, designed to assist knowledge workers with tasks such as summarizing documents.
Ottogrid provides a one-of-a-kind “native table interface” that comes loaded with AI-powered document analysis tools. During the integration into Cohere, Ottogrid will be working most on advancing the functionality of North.
Cohere’s CEO, Aidan Gomez, expressed enthusiasm about the acquisition, stating, “I’m super excited to bring the Ottogrid team aboard and incorporate Ottogrid’s product directly into North. We’re bringing enterprises a new way to tackle research with smart tables, helping make employees’ day-to-day work more enjoyable and productive.”
Ottogrid co-founder Sully Omar shared the news of the agreement on X. He told us about the thrilling possibilities that this partnership creates. We’re obviously ecstatic to be part of the Cohere team and bringing Ottogrid into Cohere’s … platform. Omar mentioned that our work with Cohere would fundamentally alter the way people automate their workflows. It will further improve their data and enable them to scale their work.
Even with these aggressive plays, it’s worth mentioning that Cohere’s recent revenue path has hit a few bumps. As a result, the company has repeatedly missed its revenue projections for last year, by as much as 85% of its target. This upcoming shortfall, first disclosed by The Information, which cited revenue estimates drawn up at the beginning of 2023.
Cohere did not respond immediately to a request for comment on the acquisition or on its financial performance.
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