Canadian AI startup Cohere is seeking up to $5.0bn in a financing round that
values the company at $20.5bn, roughly double its valuation a year ago. Cohere
said it has completed a first close that the CFO said covers most of the amount.
Investors include the Canadian government, which has committed up to $1.14bn,
and NVIDIA; the previously disclosed $600m pledge from Schwarz Group is
included. Prime Minister Carney said Cohere will keep its headquarters in Canada
and expects to invest about $1.2bn in new compute infrastructure by 2030. The
$20.5bn valuation excludes proceeds from the round; if completed, the raise
would be the largest private financing in Canadian history.
