Cohere announced an initial close of a Series E round of up to CAD $7 billion at a CAD $35.7 billion valuation. The Toronto-based company sells sovereign AI tools to regulated industries and governments. Schwarz Group led the round, with new backing from Bell Ventures, Bullhound Capital, and the Government of Canada.
Round details
The round is the largest private financing ever undertaken by a Canadian technology company. Returning investors include Inovia Capital, NVIDIA, and Prosperity7 Ventures. The initial close remains open to additional commitments.
Company growth
Cohere reported 165% year-over-year annual recurring revenue growth in Q3 2026. Its customer base grew 20 times over the past year to 300 customers. Customers include Aston Martin Aramco, Bell Canada, Fujitsu, RBC, PwC, TD Bank, and TKMS.
Sovereign AI platform
Cohere sells an all-in-one platform for owning, operating, and governing AI systems. It supports deployment across public clouds, private clouds, on-premises, and air-gapped settings. Recent additions include North 2, Command A+, Cohere Transcribe, Parse 5, Embed 5, and Rerank 5.
Cohere plans to use the funding for model and product development, verticalized AI solutions, and long-term compute infrastructure. It will also scale across North America, Europe, the Middle East, Africa, and Asia-Pacific. In 2026, Cohere completed transactions involving Aleph Alpha, Reliant AI, and AISLE to strengthen its platform.