According to CoinMeta, Canadian AI model startup Cohere is undergoing a large-scale financing round, with a valuation of $20.5 billion, which is approximately three times higher than a year ago. Cohere stated on Thursday that the first tranche of this financing round has been completed, with an expected total financing amount of up to $5 billion. The company mentioned that it has received funding commitments from investors including the Canadian government and NVIDIA. In addition, the $600 million investment previously disclosed by European retail giant Schwarz Group is also included in this round. Among them, the Canadian government has agreed to invest up to $1.14 billion in Cohere. Canadian Prime Minister Justin Trudeau stated that Cohere plans to continue to maintain its headquarters in Canada and expects to invest about $1.2 billion in building new computing infrastructure in the country by 2030. If this financing round is successfully completed, it will become the largest private financing in Canadian history, far exceeding previous records.