The Government of Canada announced on October 29 that it will invest up to about C$1.6 billion (roughly US$1.1 billion) for an equity stake in Toronto-based Cohere, paid in stages through the Canada Development Investment Corporation and tied to jobs and revenue reporting. Prime Minister Mark Carney announced the deal in Montreal at the opening of the Canada–European Union Summit.

The investment sits inside Cohere's Series E, which has completed an initial close and targets up to C$7 billion at a C$35.7 billion post-money valuation. Germany's Schwarz Group leads the round, with Nvidia, Bell and others also taking part; Cohere has not disclosed how much has been committed so far.

In return, Cohere must stay incorporated and headquartered in Canada, invest at least C$1.7 billion in additional Canadian computing infrastructure by 2030, and create at least 1,000 new high-paying technical jobs. Ottawa had previously committed C$240 million to Cohere under its 2024 Sovereign AI Compute Strategy.