Canada will invest C$1.6 billion in Cohere and take a stake in the company: the round, valued at C$35.7 billion, is led by Schwarz Group
Prepared by Sintelligent with the help of SI. Published in SI: . Updated: .
The Canadian state becomes a shareholder in a national SI lab, and Cohere gets money for compute.
Prime Minister Mark Carney announced at the Canada–EU summit in Montreal a C$1.6 billion investment in Cohere; the state gets an equity stake. According to Cohere's press release, the Series E round, led by companies of Schwarz Group, targets C$7 billion at a C$35.7 billion valuation. The new investors are Bell Ventures, Bullhound Capital and the Government of Canada; the returning ones are Inovia Capital, Nvidia and Prosperity7 Ventures. The money will go to developing the model lineup and to compute infrastructure for training frontier-level models. Carney said: "Under this agreement, Cohere will stay Canadian"; the company's chief financial officer, per the Globe and Mail, speaks of commitments on hiring and investing in Canada. According to Cohere, it bought Aleph Alpha, Reliant AI and AISLE in 2026, and its annual recurring revenue in the third quarter grew 165% from a year earlier.