Cohere Valuation Skyrockets to $20 Billion Ahead of Massive Funding Round

Cohere Inc., a Toronto-based AI company, is in talks to raise between $2 billion and $3 billion at an estimated valuation of $20 billion. The discussions are still fluid, with the final amount and terms not yet finalized.

The funding round, which could close as soon as next week, would be the largest capital raise ever for a privately held startup in Canada. Cohere's current backers include Radical Ventures, Inovia Capital, the Healthcare of Ontario Pension Plan, PSP Investments, the Business Development Bank of Canada, and Nvidia Corp.

The company has been focused on building large language models for enterprise and government customers, rather than consumer apps. This approach has helped Cohere pitch itself as a more secure option for organizations that want control over where models run and how data is handled.