Cohere targets up to CAD 7 billion in Series E funding to scale sovereign enterprise AI
Cohere announced the initial close of a Series E round targeting up to CAD 7 billion at a proposed CAD 35.7 billion valuation. Companies associated with Schwarz Group are leading the financing, with new participation from Bell Ventures, Bullhound Capital and the Government of Canada, while Nvidia, Inovia Capital and Prosperity7 Ventures are returning. Cohere said annual recurring revenue grew 165% year over year in the third quarter and that its customer base expanded to 300 organizations. Management plans to invest in model and product development, vertical solutions for regulated industries, long-term compute infrastructure and expansion across North America, EMEA and APAC. The target amount is not the same as fully closed capital, so execution should be evaluated against future closes.
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