Cohere seeks up to $3 billion at a $20 billion valuation

Canadian AI company Cohere is in advanced discussions to raise as much as $3 billion at a roughly $20 billion valuation, Bloomberg reported, citing people familiar with the talks. That valuation is the price investors would put on the privately held company—not money it would receive—and would be nearly triple the $7 billion level it reached after funding last September. Cohere sells AI models and workplace tools to businesses that want to use their own data while keeping the systems in a controlled cloud or on their own infrastructure, rather than relying solely on a public chatbot service. A deal of this size would signal strong appetite for that enterprise-focused approach, but the financing has not closed and the final terms could change.