The Toronto-based artificial intelligence company closed the first tranche of a Series E round that could raise as much as C$7 billion, or approximately $5.13 billion, at a post-money valuation of C$35.7 billion. The Schwarz Group is leading the round, with the Canadian government, Bell Ventures and returning investor Nvidia also participating. Ottawa has committed to acquiring an equity stake worth up to C$1.6 billion, contingent on infrastructure investments. Cohere plans to use the proceeds to advance its AI models, particularly for regulated industries, and expand its computing capacity in Canada. The company has already signed multi-year GPU cluster agreements with BUZZ HPC and CoreWeave and is considering additional neocloud partnerships. Its annual recurring revenue reportedly grew 165% year over year through the third quarter of 2026, while its customer base expanded twentyfold to 300.
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