Cohere Inc., the Nvidia Corp.-backed artificial intelligence startup that raised funds at a $7 billion valuation a month ago, is holding a so-called tender for employees who want to sell their stakes in the company to outside investors.
Current employees are being offered the chance to participate in the secondary sale, the company said Monday, as opposed to waiting for a public listing or takeover to cash out. The firm, co-headquartered in Toronto and San Francisco, also said it has reached $150 million in annualized revenue, a projection of a company’s sales over the course of a year based on recent performance. That’s up from $100 million in May.