# Unite.AI — Cohere Closes Initial Series E Targeting Up to CAD $7B at CAD $35.7B Valuation

- Company: Unite.AI (unite.ai)
- Announced: 2026-10-29T16:06:03+00:00
- Category: funding-company-news
- Coverage: not counted
- Announcement: yes
- Group: announcements
- Source: https://www.unite.ai/cohere-closes-initial-series-e-targeting-up-to-cad-7b-at-cad-35-7b-valuation/
- Record: https://forck.live/items/29420-cohere-closes-initial-series-e-targeting-up-to-cad-7b-at-cad-35-7b-valuation
- Subject: Reporting
- Models affected: Command A+, Cohere Transcribe, Parse 5, Embed 5, Rerank 5, North Mini Code, North Small Translate, North 2

Cohere announced the initial close of a Series E round targeting up to CAD $7 billion, which the company said would value it at CAD $35.7 billion. The companies of Schwarz Group led the round, with Bell Ventures, Bullhound Capital and the Government of Canada joining as new investors. Cohere described the raise as the largest private financing round ever undertaken by a Canadian technology company. Chief Financial Officer Francois Chadwick said the money will advance its modelling and product roadmap and fund compute for frontier-level enterprise models. Cohere reported 165% year-over-year growth in annual recurring revenue for the period ending Q3 2026, and said its customer base grew 20x to 300 customers. The Government of Canada's equity investment will help Cohere scale from Canada, supporting Canadian jobs and computing infrastructure.

## Evidence

Verbatim from https://www.unite.ai/cohere-closes-initial-series-e-targeting-up-to-cad-7b-at-cad-35-7b-valuation/:

> Cohere announced on October 29, 2026, the initial close of its Series E funding round targeting up to CAD $7 billion, which the company said would represent a CAD $35.7 billion valuation. The companies of Schwarz Group committed as lead investor, with Bell Ventures, Bullhound Capital and the Government of Canada joining as new investors.
> 
> Round Terms and Lead Investor
> 
> Cohere, a provider of sovereign AI systems for regulated industries and governments, described the round as the largest private financing round ever undertaken by a Canadian technology company. The announcement characterized Schwarz Group as one of Europe’s largest investors in AI and cloud infrastructure and noted that its IT and digital division, Schwarz Digits, recently committed billions to next-generation data centre capacity in Germany. Inovia Capital, NVIDIA and Prosperity7 Ventures participated as returning investors.
> 
> “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,” said Aidan Gomez, Cohere’s CEO and co-founder.

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