Canada Plans Up to C$1.6 Billion Investment in Cohere

Canada plans to invest up to C$1.6 billion in Cohere through a staged commercial equity deal, Prime Minister Mark Carney announced as the Toronto-based artificial intelligence company raises capital. The proposed investment is part of Cohere’s Series E fundraising, which the company said has reached an initial close and is targeting up to C$7 billion at a stated valuation of C$35.7 billion. The amount secured at the initial close and the expected date for completing the round were not disclosed in the reports. The federal commitment would give Canada an equity stake in Cohere. The government has not specified the size or timing of the investment stages or the resulting ownership share. It described the investment as commercial, rather than a grant, and said the arrangement is intended to expand Canadian artificial intelligence capacity and allow Canada to share in the company’s success. Cohere pledged at least 1,000 new high-paying technical jobs in Canada and at least C$1.7 billion in Canadian computing infrastructure by 2030. The government also said the company would preserve its Canadian incorporation and headquarters, support research and student programs, and continue...