The Globe and Mail reports advanced talks for a $2-3 billion round that would value the Toronto AI lab at about $20 billion, with Canadian government financing and existing backers in the mix.
Cohere Inc. is in advanced talks to raise between $2 billion and $3 billion in a round that would value the Toronto artificial-intelligence company at about $20 billion, The Globe and Mail reported on September 11, citing four people familiar with the matter. Bloomberg wrapped the same report.
The financing under discussion includes money from the Canadian government and existing backers, the Globe said. One source told the paper the German government is also in talks to participate, while non-government funding was expected to make up the majority of the round. Two sources said the deal could close as soon as next week, though the timing could slip around a busy week of Canadian corporate and AI events. Terms are not final and could still change, the sources said. Cohere did not respond to the Globe’s request for comment.
If completed, the Globe said the raise would be the largest on record by a private Canadian startup and would put Cohere among Canada’s most valuable technology companies. The paper noted Cohere was valued at roughly $7 billion last September and has previously taken money from Radical Ventures, Inovia Capital, Ontario and federal pension or development backers, Nvidia, and others. It also placed the talks beside French lab Mistral’s recent €3 billion raise at a €21 billion valuation, with both firms often cast as sovereign-leaning alternatives to U.S. frontier labs.
This brief covers the reported talks and valuation band only. It does not confirm a closed round or name every participating investor.