Cohere has announced the initial close of a Series E financing round targeting up to C$7 billion at a proposed C$35.7 billion valuation as the company expands sovereign AI infrastructure, frontier models, and enterprise products.
Companies of Schwarz Group are leading the round. New institutional and strategic investors include Bell Ventures, Bullhound Capital, and the Government of Canada, while Inovia Capital, NVIDIA, and Prosperity7 Ventures are returning investors.
Cohere said the financing would represent the largest private capital raise undertaken by a Canadian technology company. The company plans to use the capital for model and product development, industry-specific AI solutions for regulated sectors, and long-term compute infrastructure required to train frontier-level enterprise models.
The financing follows rapid growth for Cohere’s North agentic AI platform. The company ended the third quarter of 2026 with annual recurring revenue up 165% year over year and said its global customer count has increased 20-fold to about 300 customers.
Customers include Aston Martin Aramco, Bell Canada, Fujitsu, RBC, RWS, PwC, TD Bank, and TKMS. Cohere has expanded across financial services, healthcare, telecommunications, manufacturing, energy, critical infrastructure, and government.
The company has also expanded through transactions involving Aleph Alpha, Reliant AI, and AISLE, strengthening capabilities across sovereign AI, life sciences, healthcare, and cybersecurity.
Cohere’s strategy centers on providing organizations with control over models, data, infrastructure, and deployment environments. Its technology can be deployed through public or private clouds, Model Vault, on-premises infrastructure, and fully air-gapped environments.
The company said rising compute costs, regulation, cybersecurity concerns, and data sovereignty requirements are driving demand for independent AI infrastructure. Cohere plans continued expansion across North America, Europe, the Middle East, Africa, and Asia-Pacific as it builds out its full-stack platform and long-term compute capacity.
KEY QUOTES:
“Today we are announcing the initial close of our Series E, a record-setting round that marks the largest private capital raise in Canadian history.”
Aidan Gomez, CEO And Co-Founder Of Cohere
“Cohere will use the funding to advance our modelling and product roadmap, develop fully verticalized AI solutions for regulated industries, and invest in long-term compute infrastructure needed to train frontier-level enterprise models.”
Francois Chadwick, Chief Financial Officer Of Cohere
“Digital sovereignty is about strategic choice, interoperability and holding the keys to our own data.”
Christian Müller, CEO Of Schwarz Digits
