Meta and Mistral Launch Massive AI Models as Enterprise Funding Surges
Meta and Mistral AI release their largest language models to date, while Cohere and Harvey secure major funding rounds to expand enterprise AI solutions.
Meta and Mistral AI release their largest language models to date, pushing the boundaries of artificial intelligence capabilities. Meta introduces Llama 3.1 405B, an open-source model with 405 billion parameters that outperforms GPT-4 on several benchmarks, while Mistral AI launches Mistral Large 2, a 123-billion-parameter paid model that excels in coding, math, and multilingual reasoning. Meta actively lobbies regulators to favor its Llama models for public sector use as developer downloads surpass 300 million.
Enterprise AI company Cohere raises $500 million in a new funding round, reaching a $5.5 billion valuation with backing from major tech players like NVIDIA, Cisco, and Salesforce Ventures. This significant financial boost allows Cohere to accelerate its mission of helping large businesses build custom AI-powered features and deploy advanced language models in corporate environments.
Harvey emerges as a leading legal technology solution by providing a specialized AI copilot for lawyers. Backed by a $100 million Series C round led by Google Ventures that values the company at $500 million, Harvey leverages OpenAI's GPT-4 models to help legal professionals draft contracts, rewrite clauses, and extract key information from case files. Thousands of lawyers already use the tool to handle their extensive writing and communication responsibilities.