Cohere This leading provider of sovereign AI services to regulated industries and governments has today announced that the preliminary closing of its Series E financing has been completed. The target for this round of financing is up to C$7 billion, and if completed at this scale, it would correspond to a valuation of C$35.7 billion.

As of now, the committed investments include companies under Schwarz Group. Schwarz Group is one of the largest investors in Europe in the fields of AI and cloud infrastructure, and also serves as the lead investor. New institutional and strategic investors include Bell Ventures, Bullhound Capital, as well as the Canadian government; Inovia Capital, NVIDIA, and Prosperity7 Ventures are returning investors.

The company stated that this round of financing is the largest private placement in the history of Canadian technology companies, and it also reflects a broader global shift towards sovereign AI. As AI increasingly becomes a key task, institutions are seeking independent alternatives that allow for better control over data, infrastructure, governance, and deployment environments.

Cohere indicates that since the launch of the AI platform North, the company has grown rapidly. By the end of the third quarter of 2026, its annual recurring revenue increased by 165% year-on-year, with growth driven by new customer signings as well as expansion in commercial and public sector customers.

Over the past year, Cohere's global customer base has expanded by 20 times to reach 300 customers. The company states that this reflects an increasing adoption of its products by leading players in highly regulated industries, including Aston Martin Aramco, Bell Canada, Fujitsu, RBC, RWS, PwC, TD Bank, TKMS, and others.

For the full text, please refer to the original press release.

Cohere