Canadian Prime Minister Carney Announces $1.6 Billion CAD AI Investment in Cohere

Canadian Prime Minister Mark Carney announced a $1.6 billion CAD investment in domestic AI company Cohere during a statement ahead of the Canada-EU summit held in Montreal.

Carney stated that they do not want the future of AI technologies to be determined by untrustworthy parties, defining this investment as a down payment on national security. The Prime Minister emphasized that sovereignty now depends on secure access to areas such as semiconductors, critical minerals, payment systems, and artificial intelligence.

Cohere co-founder and CEO Aidan Gomez announced that the first phase of the company's Series E funding round, which aims to reach up to $7 billion CAD at a valuation of $35.7 billion CAD, has been completed. The announcement was made at the Mila Quebec AI Institute.

It was noted that private sector representatives including Nvidia, Bell, and the Germany-based Schwarz Group are involved in the investment process. Carney positioned this initiative as part of efforts to strengthen the transatlantic alliance ahead of meetings with European Commission President Ursula von der Leyen and European Council President António Costa.