Canadian AI company Cohere has announced the initial close of its Series E funding round, which targets up to C$7 billion, or approximately $5.1 billion, at a valuation of around $26 billion.
The round was led by Germany’s Schwarz Group, with new strategic investors including Bell Ventures, Bullhound Capital and the Government of Canada. Existing backers Inovia Capital, NVIDIA and Prosperity7 Ventures, the investment arm of Saudi Aramco, also participated.
According to the announcement, Cohere plans to use the funding to develop advanced AI models and expand its independent AI infrastructure. The company is also investing in computing capacity to train advanced models and support enterprise AI applications, with a focus on regulated industries.
The funding follows reported growth in Cohere’s North AI platform. Its annual recurring revenue rose 165% year over year by the end of the third quarter of 2026, while its global customer base reached approximately 300, more than 20 times higher than previously.
Cohere said it is expanding across financial services, healthcare, energy and government infrastructure. Its customers include Aston Martin Aramco, Bell Canada, Fujitsu, PwC and TD Bank.
Source: EntArabi
