ChainThink report, October 30: According to Bloomberg, Canadian AI startup Cohere has completed the first closing of its latest funding round, with the company's valuation reaching $20.5 billion—approximately doubling from a year ago.

The total fundraising is expected to reach up to $5 billion, with investors including the Government of Canada and NVIDIA. The previously disclosed $600 million investment from Schwartz Group is also included in this figure. The Government of Canada has agreed to invest up to $1.14 billion in Cohere.

Prime Minister Trudeau stated that Cohere plans to maintain its headquarters in Canada and anticipates investing approximately $1.2 billion in new computational infrastructure within the country by 2030.

Cohere did not disclose the final committed amount within the $5 billion target, but the company’s CFO indicated that the first closing already covered "the majority" of the goal. If successfully completed, this round would become the largest private fundraising in Canadian history.

The aforementioned valuation does not include proceeds from this round of funding.