AI startup Cohere Inc. has become one of the world’s most valuable AI companies and a leading startup in Canada, according to Bloomberg. In its latest funding round, Cohere was valued at $5.5 billion, joining the top ranks of global startups without offering flashy consumer apps.

Based in Toronto, Cohere specializes in large language models that analyze and generate text, tailored for business use. Its software has attracted clients like Notion Labs Inc. and Oracle Inc., which use Cohere’s technology for tasks such as writing website copy and enhancing user communication.

Cohere has raised $500 million in a Series D funding round led by PSP Investments, with participation from Cisco Systems Inc., Fujitsu, AMD Ventures, and EDC. This new funding more than doubles its valuation from last year and brings its total funding to $970 million. Despite a competitive venture funding landscape, Cohere continues to attract significant investment. Reuters had previously reported some details of the deal.