Canadian AI model company Cohere has announced the first close of its Series E funding round, targeting up to CAD 7 billion (approximately USD 5 billion) at a valuation of CAD 35.7 billion (approximately USD 20.5 billion). The new valuation represents roughly triple the company's worth from one year ago. The round is led by a Schwarz Group subsidiary, with new investors including Bell Ventures, Bullhound Capital, and the Government of Canada. Existing backers such as Inovia Capital, Nvidia, and Prosperity7 Ventures also participated in the financing. Cohere plans to allocate the capital toward model and product development, vertical AI solutions for regulated industries, long-term compute infrastructure, and market expansion across North America, Europe, the Middle East, Africa, and Asia-Pacific.