The Canadian government announced an investment of up to $1.6 billion in Cohere, a Toronto-based artificial intelligence company. This move is part of a funding round led by Germany's Schwarz Group targeting about $7 billion to support Cohere's growth and AI development.
How the investment in Cohere works
- The Canadian government takes an equity stake in Cohere, joining other investors including Nvidia and Bell Canada’s subsidiary.
- The ongoing funding round, valued at roughly $36 billion for Cohere, is led by Germany’s Schwarz Group, which pledged $780 million and has ties to Aleph Alpha’s merger with Cohere.
- Funds will be used to advance AI model development, create products for regulated industries, and build computing infrastructure within Canada.
- Cohere plans to invest at least $1.7 billion in new computing infrastructure in Canada by 2030 to support its operations and growth.
This investment shows Canada’s intent to keep AI development domestically rooted while tapping into international partnerships. It reflects a broader ambition to foster AI innovation locally with strong infrastructure and secure Canadian oversight as the technology evolves.
Source: CBC News
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