Cohere targets up to C$7 billion with Prosperity7 participating

Cohere, the Canadian company that builds generative-AI software for businesses and governments, has announced an initial close of a funding round targeting up to C$7 billion. Prosperity7 Ventures, the venture-capital fund of Aramco Ventures, is among the participants, while companies in Germany’s Schwarz Group are leading the financing; Cohere said the target would represent a C$35.7 billion valuation, roughly US$26 billion. Crucially, it did not disclose how much was secured in this first close: C$7 billion is the round’s maximum ambition, not cash confirmed as raised. Cohere says it will use the money for advanced models and the costly computing infrastructure behind products designed to give organizations more control over how and where their AI runs.