From the source
Cohere announced the initial close of a Series E round targeting up to CAD $7 Billion, led by Schwarz Group, to build a frontier AI company outside the U.S. and China.
- The company says it will use the funds for frontier models that compete with the best in the world, a secure platform that lets institutions own the AI they run on, and cyber defenses democracies can rely on.
- Cohere frames the raise around a choice it says organizations face between cheap Chinese models and powerful ones they cannot fully see into or control.
- It cites OpenRouter data showing more than 70 percent of open-model tokens served there came from Chinese models earlier this year, up from 3 percent fourteen months earlier.
- New and returning investors include Bell Ventures, Bullhound Capital, Inovia Capital,
NVIDIA, Prosperity7 Ventures, and the Government of Canada.
