Cohere is trying to raise as much as C$7B at a C$35.7B valuation in a round led by Germany’s Schwarz Group, with Canada’s federal government putting in up to C$1.6B for a stake, though Cohere hasn’t said how much investors have committed so far. In return for the government money, Cohere agreed to keep its legal home and headquarters in Canada and to spend at least C$1.7B on computing infrastructure in the country by 2030, Prime Minister Mark Carney said. Cohere sells AI models that governments, banks and other regulated businesses run on their own servers, and it said annual recurring revenue grew 165% YoY at the end of Q3.
