Artificial intelligence startup Cohere Inc. has raised $500 million in a new round of funding, part of a bid to compete with larger tech firms in selling AI services to businesses and governments.

Canadian AI start-up, Cohere, is attempting to position itself as an enterprise alternative to U.S. AI industry leaders after the firm onboarded former executives from Uber and Meta as a part of its attempt to solidify its position in the AI industry.

Canadian AI startup Cohere was valued at $6.8 billion following its latest $500 million funding round, as it seeks to expand its market share in a highly competitive industry of selling AI to enterprises.