Cohere said in a release issued in Toronto on 29 October that it had completed the initial close of a Series E round targeting up to CAD $7 billion, which would value the company at CAD $35.7 billion. Cohere builds AI systems for regulated industries and governments.
Companies within Schwarz Group lead the investment, Cohere said. The Government of Canada, Bell Ventures and Bullhound Capital are new investors, while Inovia Capital, Nvidia and Prosperity7 Ventures are returning investors. Cohere described the government’s participation as an equity investment. Schwarz Group’s IT division, Schwarz Digits, has committed billions to data centre capacity in Germany, according to Cohere.
Cohere reported 165% year-on-year growth in annual recurring revenue at the end of the third quarter of 2026. It said its customer base had grown 20-fold over the preceding year to 300, naming Bell Canada, Fujitsu, RBC and TD Bank among its customers. Chief financial officer Francois Chadwick said the funding would support model development, products for regulated industries and computing infrastructure for training.
