AI startup Cohere has acquired Ottogrid, a Vancouver-based platform for automating high-level market research. Founders of Ottogrid announced the acquisition without disclosing terms. The existing product will be phased out with a transition plan for customers. Cohere is looking to incorporate Ottogrid's capabilities to improve workflows and data management. This acquisition comes amid Cohere facing revenue shortfalls, despite a recent rise in its annualized revenue to $100 million following strategic changes to target private AI deployments in sectors like healthcare and finance. Ottogrid previously raised $2 million in funding before the acquisition.
"We're very excited to join the Cohere team and integrate Ottogrid into Cohere's platform. Through our work with Cohere, we're [going to] dramatically impact how people can automate their workflows, enrich their data, and scale their operations."
Cohere fell well short of revenue projections the company prepared in early 2023, missing its target for last year by 85%. The company told Reuters on Thursday that its annualized revenue recently reached $100 million.
Ottogrid launched in 2023 as Cognosys, led by Omarr and Homam Malkawi. It rebranded in October 2024 with a major platform redesign that introduced a number of new integrations, tools, and APIs.
Today, Ottogrid offers a native table interface with AI-powered document analysis capabilities. Customers can use it to extract data from a website and save it directly to a spreadsheet, or automatically enrich sales lead lists.
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