Canada to invest $1.6 billion in AI firm Cohere

Toronto-based AI company Cohere hopes to secure as much as $7 billion CAD in new financing to help it meet rising global demand for sovereign AI. The AI company announced these plans and an initial close of its planned Series E on Thursday at Montréal AI research hub Mila, where the federal government revealed that it would be pouring $1.6 billion into Cohere as part of this round. Cohere plans to put the capital toward computing infrastructure investment, and developing and delivering its AI mo