Cohere, a leading provider of sovereign AI services for regulated industries and governments, today announced that its Series E funding round has reached its initial close. With a target of up to CAD 7 billion, this round would value the company at CAD 35.7 billion.
The committed investments to date include companies under Schwarz Group, one of Europe’s largest investors in AI and cloud infrastructure, serving as the lead investor. New institutional and strategic investors include Bell Ventures, Bullhound Capital, and the Canadian government; Inovia Capital, NVIDIA, and Prosperity7 Ventures are returning investors.
The company stated that this funding round represents the largest private financing ever raised by a Canadian tech company, reflecting a broader global shift toward sovereign AI. As AI becomes increasingly mission-critical, institutions are seeking independent alternatives that offer greater control over data, infrastructure, governance, and deployment environments.
Cohere stated that since launching its agent-based AI platform, North, the company has experienced rapid growth. By the end of the third quarter of 2026, its annual recurring revenue increased by 165% year-over-year, driven by new customer acquisitions and expansion among commercial and public sector clients.
Over the past year, Cohere’s global customer base has expanded 20-fold to 300 customers. The company attributes this growth to increasing adoption by leaders in highly regulated industries, including Aston Martin Aramco, Bell Canada, Fujitsu, RBC, RWS, PwC, TD Bank, and TKMS.
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Cohere