Cohere, the Toronto AI chatbot startup, is in talks to raise another $250 million on top of its $125 million Series B round. It is reported that the new funding would be done at a valuation for Cohere of $2 billion.

Inovia Capital and Index Ventures are said to be among the new investors. Series B investor, Tiger Global, is not involved in the new round.

“A switch has flicked this year. We’re in the midst of a total transformation in every product or company on earth,” says Cohere CEO Aidan Gomez (pictured), ““we won’t offer a consumer offering, we won’t compete with ChatGPT in that sense. They are very focused on consumer deployment and we’re much more focused on the enterprise.”