Cohere starts Series E with Canadian government as equity investor

Cohere, a Toronto-based AI developer, has completed only an initial close of a round targeting up to C$7 billion, and it has not said how much is committed. The Canadian government would invest up to C$1.6 billion in exchange for an equity stake, with commitments to keep the company headquartered in Canada. The company names Schwarz Group as lead investor, with Nvidia, Bell Ventures, Bullhound Capital, Inovia and Prosperity7 among the others. Prime Minister Mark Carney framed the stake as a sovereignty move, and Cohere committed to invest at least C$1.7 billion in new computing infrastructure in Canada by 2030. The valuation reported with the round is C$35.7 billion, the figure the company set for the Series E. For founders, the deal shows sovereign capital entering a frontier model round alongside strategic chip and telecom backers. Builders should note that such money can come with residency and infrastructure conditions that shape where a company trains and serves its models.